Boeing's stock is rising 6% despite posting dismal earnings and cutting 10% of its workforce
Boeing is facing a two-pronged crisis: the continued grounding of its 737 MAX airplane, and the coronavirus pandemic that has seen passenger air traffic plumment 95% as economies across the globe have shut down to help stop the spread of the deadly disease.
Investors are focused on Boeing's liquidity position, and questioning whether its current $15.5 billion cash on hand will be enough to weather the current economic storm and make it out on the other side without wiping out its equity investors. The company announced it would target a 10% reduction in its workforce to help boost its liquidity position.
The company has raised more than $10 billion in debt so far this year. In an interview on CNBC Wednesday morning, CEO David Calhoun said the company is also exploring all options to boost its liquidity and could raise more debt in the future.
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