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Stock Alert: Boeing Dives 7%

Shares of Boeing Co. (BA) are losing more than 7 percent on Wednesday morning at $138.24, despite the absence of any stock-specific news. The shares have traded in a range of $89.00 to $398.66 in the past 52 weeks.

Boeing is a component of the Dow Jones Industrial Average. U.S. stocks are sharply lower on Wednesday amid rising concerns about the coronavirus pandemic after White House officials warned of nearly a quarter million deaths from the pandemic.

During a White House press conference on Tuesday, President Donald Trump warned the U.S. is facing a "very, very painful two weeks."

Monday, Boeing had said it received a $1.5 billion production contract from the U.S. Navy for the next trance of 18 P-8A Poseidon aircraft. The U.S. Navy's contract comes at a time when the aircraft maker continues to struggle amid the 737 Max crisis and COVID-19 pandemic impacts. Boeing recently sought $60 billion in U.S. government loan guarantees and other assistance.

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