Boeing Stock Sags on Dreadful Q2 Earnings Report
It was clear long before Boeing (NYSE: BA) reported its second-quarter earnings that the company would post exceptionally weak results due to the COVID-19 pandemic. Indeed, Boeing delivered just 20 commercial jets last quarter, down from 50 in the first quarter and more than 200 per quarter as recently as 2018.
Sure enough, Boeing reported awful results on Wednesday, missing analysts' already-downbeat estimates. Boeing stock sank 3% in response.
Furthermore, with airlines slashing near-term capacity and reassessing their long-term growth plans, investors can't count on a robust turnaround. As a result, while Boeing stock has lost more than half of its value year to date, it still looks overvalued.
Source Fool.com
