by Wolf Richter
Boeing got battered too but not nearly enough. Introducing my SADJAUS stock index tracking the 7 largest US airlines.
Boeing shares dropped 5.8% today, to $287.76, below where they’d been on that infamous December 24, 2018, and back to where they’d been on December 12, 2017. My only question to the market today is this: What took so long?
Boeing’s self-inflicted problems have been dissected to the nth degree – including how it blew, wasted, and incinerated $43 billion in cash on share buybacks in six years to inflate its share price via financial engineering instead of developing a new plane via aircraft engineering, and how it is now bleeding cash and loading tens of billions of dollars in new debt on its hollowed-out balance sheet just to survive its crisis caused by its own decisions, financial engineering, and failures (stock data via YCharts):