CNBC's "Fast Money" Boeing’s Ripple Effects Tied To 737 Max 9 Groundings. Plus, Evercore ISI Delivers An Earnings Season Warning. 1/8/24
Jan 8, 2024
Boeing stock plummets after an incident on an Alaska Air jet, while Evercore ISI warns about the vulnerability of the market this earnings season. The impact of the incident on Spirit and Boeing is discussed, along with trading levels and valuations of certain stocks. The CEO of Bristol Myers commits to growing their assets, and Julian Emanuel warns about overly optimistic earnings expectations. The speakers share their final trades and perspectives on Estee Lauder, Walgreens Boots, and Lockheed Martin.
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Boeing's Stock Tumble
- Boeing shares dropped 9% after a mid-air incident on an Alaska Air jet.
- The FAA grounded 737 MAX 9 planes for inspections, impacting Boeing and Spirit AeroSystems.
Stock Impact Focus
- The incident seems to be a Boeing/Spirit AeroSystems issue, not an airline problem.
- This suggests the grounding might not be prolonged.
Boeing Trade Strategy
- Consider Boeing's diverse revenue streams, including defense.
- The stock's 50% retracement level (around $220) could be an entry point.