Boeing stock faced significant losses for a second straight day.
The company isn’t making or selling planes and is losing money fast.
But retail investors went crazy for air stocks in May.
Boeing stock (NYSE:BA) continued to slide into a second day of losses, creating some drag on the Dow Jones Industrial Average.
Boeing gave up over 5% of its share price Wednesday against the Dow’s more modest dip of 0.7%. The S&P 500 Index retreated an even more slight 0.3%. That shows the impact that Boeing stock has on the Dow level.
Boeing Stock Price Faces A Reckoning
Listen, I’m not an airplane industry expert, just an outside guy looking in. But what else can you say about Boeing stock? The airplane maker hasn’t been making airplanes. They haven’t been getting orders for planes. And they haven’t been making money.
Boeing deliveries hit a 60-year low in May of just four airplanes.
These realities about Boeing’s business make the stock’s steep 73% climb from $133 on May 8 to $230 on Jun 8 baffling. The brash Boeing rally coincided with a bull market in airline stocks, with American Airlines leading the way.