Boeing Stock In The Green After Planemaker Unveils Billion-Dollar Expansion Plan: Retail Gets On Board
Synopsis
The firm said it will expand its North Charleston campuses to support increased 787 Dreamliner production targets and potential future rate increases driven by market demand.
Boeing shares were in the spotlight on Friday after the aviation and defense major announced plans to invest $1 billion in infrastructure upgrades at its existing site in Charleston County, the home of the full 787 Dreamliner production cycle.
Shares of the firm were trading nearly 0.7% higher in Friday’s pre-market session.
The firm said it will expand its North Charleston campuses to support increased 787 Dreamliner production targets and potential future rate increases driven by market demand.
Boeing’s 787 Dreamliner program plans to increase to a rate of 10 airplanes per month by 2026. The expansion of Boeing’s operations is expected to create 500 new jobs over the next five years.
The development comes at a time when the company has been struggling to increase the production of its 787s.
According to a Wall Street Journal report, deliveries of the jets were suspended mainly for about two years until mid-2022 because of separate production and regulatory issues.
Furthermore, 787 jets faced various regulator investigations amid incomplete inspections to incorrectly installed fasteners.
Following the announcement, retail sentiment on Stocktwits continued to trend in the ‘bullish’ territory (57/100).
However, retail chatter on the platform indicated a mixed take on the stock.
Boeing stock has been trending lately after an exclusive WSJ report stated that President-elect Donald Trump will not be flying on a new Air Force One in his second term, with the project falling behind schedule.
Boeing has reportedly told the Air Force that it anticipates the delivery of the new jets after Trump leaves the White House.
Meanwhile, shares of the company have lost over 33% since the beginning of the year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.