Boeing’s looking for its wings

Boeing’s looking for its wings

It’s no news thatcompanies all over the world are struggling as the restrictive measures are still in force since early March.

Over the past month, airlines sought government help to keep themselves afloat. Companies from America and Europe asked for financial relief and bank loans. At the beginning of this month, Air France-KLM took a chance and asked for help after more than 90% of their flights vanished. Now, the American company Boeing got its turn at the bail-out table.

Boeing is the largest ship producer in the U.S. and the second-largest military contractor in the country. The company is looking for financial assistance from three of the federal programs which were released last month once the stimulus packages were approved. This request is strange since the company's administration previously said it wouldn't accept help from taxpayers, because it would come with obligations on their side.

"Making sure that Boeing is strong again is very, very powerful, and very important, and we'll do whatever is necessary to do," Mr. Trump said on Friday at the regular brief regarding the virus. Until now, the U.S. Treasury Department put together $17 billion of federal aid for Boeing and its suppliers. Analysts consider another $20 billion to cover the debt for this year only.

Starting today, Boeing will recall some of its workers from the Washington sites. Around 2,500 employees will return. This return comes after less than a week after more than 30,000 people went home.

Since the beginning of the year, its market value dropped from 190 to $86 billion. Shares lost more than 50%. Today, in premarket, the shares were down 2% at $178.80.

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Sources: thestreet.com, nytimes.com

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Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

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