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Stock Alert: Boeing Rises 5%

Shares of Boeing Co. (BA) are rising almost 5 percent or $6.43 in Wednesday's morning trade at $137.73 despite the aerospace and defense giant's first-quarter results missing analysts' estimates. The stock has traded in a range of $89.00 to $391.00 in the past 52 weeks.

Wednesday, Boeing said that to align the business for the new market reality, it is taking several actions that include reducing commercial airplane production rates. Further, it plans to reduce jobs with a voluntary layoff program, and additional workforce actions as necessary.

Boeing reported first-quarter net loss attributable to shareholders of $628 million or $1.11 per share, compared to net income of $2.15 billion or $3.75 per share in the year-ago quarter, primarily reflecting the impacts of COVID-19 and the 737 MAX grounding. Excluding special items, core loss was $1.70 per share, compared to core earnings of $3.16 per share in the prior-year quarter.

Total revenues declined 26 percent to $16.91 billion from $22.92 billion in the year-ago period. On average, analysts polled by Thomson Reuters expected the company to report loss of $1.61 per share on revenues of $17.31 billion. Analysts' estimates typically exclude special items.

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