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Stock Alert: Boeing Slides 5%

Boeing Co. (BA) shares gapped down at open and sliding 5 percent as Delta Airlines said it plans to permanently retire Boeing 777 aircraft to reduce costs.

A positive announcement on Thursday about the company securing a contract worth $3.1 billion from the U.S. Navy for Cruise Missile System seems to have little impact on the stock.

BA shares are currently at $115.50, down 4.89 percent from its previous close of $121.50. The stock has been trading below its 200-day moving average since Tuesday. The aerospace and defense giant has been struggling to stay afloat after the grounding of the 737 Max jets.

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