Shares of Boeing Co. (BA) took a 12.2% dive in premarket trading Thursday, as the pullback is accelerating into its third day. The stock's implied price decline on Thursday would shave about 166 points off the Dow Jones Industrial Average's price, while Dow futures tumbled 897 points, or 3.3%. The aerospace and defense giant's stock had lost 11.8% over the previous two sessions, to snap a six-day win streak in which the stock had soared 58.0%. On Wednesday, Boeing supplier Spirit AeroSystems Holdings Inc. (SPR) said it was told by Boeing to pause additional work on four 737 MAX shipsets and avoid starting production on 16 737 MAX shipsets that were scheduled to be delivered this year. As a result, Spirit said it will furlough certain employees. Boeing's stock has gained 7.6% over the past three months through Wednesday but has still tumbled 37.6% year to date, while the Dow has slipped 5.4% this year.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 11, 2020 09:14 ET (13:14 GMT)
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