Why Boeing Stock Is Down Today
A potential return of the Boeing (NYSE: BA) 737 MAX to Chinese airspace failed to materialize over the weekend. Investors remain worried about when the plane will fly again in this all-important market, sending Boeing shares down as much as 3% on Monday morning.
Boeing is on the rebound after a difficult two years, weighed down first by the grounding of the 737 MAX following a pair of fatal incidents and then by the pandemic, which cut demand for air travel. Airlines are once again filling their planes, and the 737 MAX has been cleared in most markets, but China remains a stubborn holdout.
There are signs a return could be near. Earlier this month, a 737 MAX operated by MIAT Mongolian Airlines was allowed to fly over Chinese skies en route to Guangzhou, China. And China Southern Airlines Co. had two 737 MAX flights on its schedule for this weekend. But those flights were cancelled prior to takeoff, denying Boeing an important milestone in its recovery.
Source Fool.com
