Dow shot by Boeing as BofA reports more problems with Investing.com

Investing.com – The Dow fell on Monday as a result of a sharp decline in Boeing shares.

The decline of 0.32%, the slight increase of 0.10%, while the increase of 0.19%.

Boeing (NYSE 🙂 plunged more than 4.4% after Bank of America lowered its buy-neutral rating and reduced its stock price target to $ 420 from $ 480. that the production delays of the 737 Max would have a negative impact on margins. free movement of capital. Boeing shares are down 16% from a high of $ 446.01 on March 1st.

The bank said it expects the production of the 737 Max to be delayed by six to nine months. Boeing announced on Friday that it would reduce by nearly a fifth its production of 737 Max, which will increase from 42 to 42 per month.

American Airlines (NASDAQ 🙂 and Southwest Airlines (NYSE :), both counting the 737 Max in their fleets, ended the day down, under pressure from expectations that the 737 Max's scaling could last for the high summer season. American Airlines was down 0.5%. Southwest, historically the largest buyer of 737 aircraft, lost 2.5%.

General Electric (NYSE 🙂 also added to the depressed sentiment, dropping 5.2% after JPMorgan lowered its stock price target to 6 USD, from 6 USD to 5 USD, stating that "many investors underestimate the gravity of the challenges and underlying risks at GE, positive. "

Wall Street bear calls on Boeing and General Electric arrive a few days before the start of the first quarter results, which many fear for one of the toughest in recent quarters.

According to FactSet, first quarter profits are now expected to fall 4.2% from one year to the next for S & P 500 companies, compared with a forecast decline of 3.9%. week hardly.

"If the real decline of the quarter is -4.2%, it will be the first annual decline in earnings from the index since the second quarter of 2016 and the largest decline in earnings since the first quarter of 2016. "said FactSet. .

Energy stocks held back the downward trend in the overall market, as oil prices stabilized at their highest level in five months, thanks to expectations of a tightening of oil prices. 39, world oil supply, while the fighting in Libya intensified.

Technology has reduced its losses to end the day in style, supported by a 1.6% rise in Apple (NASDAQ 🙂 after Morgan Stanley spoke of the technology giant's chance to become a leader in healthcare intended for consumers.

Symantec (NASDAQ :), up 5.4%, was also among the top technology winners after Goldman Sachs modernized the cybersecurity company to move from neutral to target and raised its price target on the title at $ 28.

On the economic side, the decline added to concerns about the slowdown in the manufacturing sector, but the impact on inventories was somewhat moderate.

Main winners and losers of the S & P 500 today:

Symantec (NASDAQ :), Wynn Resorts (NASDAQ 🙂 and Freeport-McMoran Copper & Gold (NYSE 🙂 were among the top winners of the S & P 500 for the session.

General Electric (NYSE :), Boeing (NYSE 🙂 and Dollar Tree (NASDAQ 🙂 were among the worst in the S & P 500 session.