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Boeing Gains On 34-Plane Order For 737 MAX

Stock Markets1 hour ago (Jun 08, 2021 08:00AM ET)

(C) Reuters.

By Dhirendra Tripathi — Boeing (NYSE:BA) shares were up more than 1% in Tuesday’s premarket following a fresh order Southwest Airlines (NYSE:LUV) placed with it for 34 units of 737 MAX planes.

The move lifts the carrier’s firm orders for the MAX 7 aircraft in 2022 to 234 planes.

The order is further endorsement of Boeing’s narrow body 737 MAX. An electrical issue had kept some 100 units of the plane grounded for an extended period and the manufacturer secured the regulator’s approval less than a month for its clients to fly them again.

Southwest on Tuesday also tightened its second-quarter average core cash burn forecast to between $1 million and $2 million per day, compared with the $1 million-$3 million given earlier.

“Passenger demand and booking trends remain primarily leisure-oriented,” it said in its investor update.

The company reiterated its expectation of revenues improving in June from a month earlier, driven by higher leisure passenger traffic and fares.

Boeing Gains On 34-Plane Order For 737 MAX

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