Boeing (BA.US) reported Q2 results ahead of the Wall Street session open today. Revenue came in at $11.8 billion (exp. $12.99 billion) while loss per share turned out to be $4.79 (exp -$2.39). The US planemaker had an Q2 operating cash burn of $5.3 billion (exp. -$6.6 billion). Company decided to deepen 787 production cuts to 6 planes per month in 2021. Q2 deliveries stood at 20 against expected 24. On top of that, Boeing announced that it will terminate its share buyback programme and take other actions, including reducing employment. Poor report is likely to be a drag on Boeing's share price during today's session.
Boeing (BA.US) has been trading in a descending triangle pattern and poor Q2 earnings report creates a risk of dropping below support at $167.50. Source: xStation5
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