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Boeing stock plunges 18%

Boeing stock fell and made a 52-week low

Boing shares fell 18% on Wednesday, March 11, 2020, hitting a 52-week low at $187. These news made the Boing stock plunge:

“JP Morgan analysts have given up on their long-term “overweight” call on Boeing Co shares, cutting their price target for the company by $160 to just $210 dollars in a note to clients on Thursday.

The bank, which now rates Boeing “neutral”, said the added hit from the coronavirus to airlines made it impossible to stick with its call that investors should wait out the grounding of the company’s 737 MAX planes this year.

Boeing said on Wednesday it was freezing new hiring and overtime except in certain critical areas to preserve cash, and the company is also moving to draw down funds from existing loan facilities as it battles the worst crisis in its history.” Source: https://finance.yahoo.com/news/jp-morgan-abandons-boeing-buy-093927182.html

Boeing stock falls 18% after customers canceled orders for the MAX airplane

“Boeing announced a number of MAX order cancellations when it provided its monthly update on Wednesday. Air Canada (AC.Canada) canceled 11 MAX jets. Japan Investment Adviser canceled another 10 MAX jets. Other customers converted MAX orders into different aircraft, such as Boeing 787s. The overall net February order number was minus 28.”

Source: https://www.barrons.com/articles/boeing-stock-breaks-below-200-after-737-max-order-cancellations-51583953839?siteid=yhoof2&yptr=yahoo

Boeing stock daily chart

Boeing stock daily chart
Boeing stock daily chart

The Boeing stock daily chart shows the selling pressure for BA stock after closing below the 50-day and 200-day moving averages.

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