Shares of aerospace giant Boeing Co. (BA) ran up 4.1%, enough to pace the Dow Jones Industrial Average's premarket gainers, after Moderna Inc. (MRNA) said its COVID-19 vaccine candidate demonstrated efficacy of more than 94% ( ). Just prior to Moderna's news, Boeing's stock was up about 1.7%. General Electric Co.'s stock (GE) surged 3.7% ahead of the open, after being up about 1.6% prior to Moderna's news. GE makes engines used in commercial airplanes. Even before Moderna's news, Vertical Research Partners analyst Robert Stallard said he was shifting to a positive stance on aerospace, as he said he believed the "tide has now turned" on COVID-19. He said that while the path of the recovery may be bumpy, he believes the overall trajectory for aviation over the next year will be positive, and that aerospace stocks are poised to do "much better" in 2021. Among others in the sector, shares of Raytheon Technologies Corp. (RTX) rallied 2.8% in premarket trading and Spirit AeroSystems Holdings Inc. (SPR) charged up 10.9%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 16, 2020 07:56 ET (12:56 GMT)
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