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Boeing stock drop to resume as order cancellations spook market

The aerospace stock is set to start Wednesday around 2.5% lower.

Boeing Co - Boeing stock drop to resume as order cancellations spook market

The sell-off in Boeing Co (NYSE:BA) stock is set to resume as the market opens on Wednesday after an update confirmed the extent that coronavirus (COVID) has impacted the aerospace firm’s business.

As COVID-19 shutdown the majority of air travel and it continued to recover from the 737 Max crisis, Boeing revealed that it delivered only four planes last month. It marks an 87% drop compared to May 2019.

It has notable connotations for cashflow given the majority of the order is payable on delivery.

Boeing said that an additional eighteen orders for planes were cancelled last month, including fourteen Max jets, meanwhile, it added that nine new orders were landed in the month.

On Tuesday, Boeing shares closed 6% lower at US$216.74 each and ahead of Wednesday’s open is due to start 2.57% lower, indicated at US$211.20.

Quick facts: Boeing Co

Price: 174.73 USD

Market: NYSE
Market Cap: $98.63 billion

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