Boeing on Wednesday reported a surprise loss in the fourth quarter, as the company struggled to contain the fallout from the grounding of its flagship 737 MAX plane, which shows no signs of taking to the skies again anytime soon.
The grounded 737 MAX plane — which has idled on runways for nearly a year in the wake of two fatal crashes — bled over $1 billion from the company’s bottom line in the final months of 2019, and gave Boeing its first annual loss in over 20 years. The controversy forced Boeing to oust Dennis Muilenburg as its CEO last month, and the company still has no concrete timetable for when the plane can fly again.
However, investors appeared to breathe a sigh of relief that the financial damage wasn’t worse — and bet that Boeing was on a path to resolving the biggest crisis the company has ever faced. The stock — one of 30 components of the Dow Jones Industrial Average (DJI) — popped by nearly 2%, ending the day at $321.94.
Read more: yahoo