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Boeing skyrockets 24% on optimism that a coronavirus relief deal with aid for the airline industry will be approved soon
The Senate bill would provide $58 billion in relief for US airlines, split between payroll grants for workers and loans to the airlines themselves.
It's a sharp reversal from a year ago, when Boeing's market value was about $200 billion higher than Tesla's.
Boeing's new return-to-service estimate "is informed by our experience to date with the certification process," according to a statement.
Treasury Secretary Mnuchin says Boeing’s 737 Max disaster could erase half a point from GDP this year — and economists fear worse
The Trump administration official still expects GDP to grow 2.5% through the year, while economists surveyed by Bloomberg project a 1.8% gain.
Boeing shares jump following reports that an Iranian missile caused a fatal 737 crash — bucking claims that a technical issue downed the jet
The company's shares tanked on Wednesday after initial reports of technical issues on the jet, wiping out as much as $4.3 billion in market value.
The jet involved is a predecessor to the 737 Max, the model grounded around the world after two fatal crashes and intense regulatory scrutiny.
Analysts estimate that Boeing will raise as much as $5 billion in extra debt to help cover expenses from the 737 Max disaster, The Journal reported.
The move comes as Boeing continues to weather the fallout from its 737 Max crisis. Chairman David Calhoun will replace the chief executive.
The model is Boeing's best-selling plane, and the production cut will hit GDP growth by lowering the company's inventory expansion, JPMorgan said.
Since the Ethiopian Airlines crash in March, the second associated with the 737 Max, Boeing shares have fallen roughly 23%.