Boeing on track for worst month ever, and strategist lays out dangerous path ahead $BA (via TradingNation)
The aerospace giant is down another 18% on Wednesday, piling on monthly losses of more than 60%. The stock is pacing for its worst month ever and sits firmly at the bottom of the Dow., president of Strategic Wealth Partners, says it could get worse for the beaten-down name.
"No good news at all, and I just really don't think this is a stock where you want to try and call the bottom," Tepper told CNBC's "Trading Nation" on Tuesday. "This is a perfect storm for Boeing. This company is in complete freefall. It could continue to go much lower." Boeing has been hard hit over the past year as it faced the grounding of its 737 Max after two fatal crashes. The company has requested"On top of everything, their asking for a bailout kills investor confidence. So they already have the self-inflicted pain from the 737 Max grounding, you have airlines which either aren't flying, capacity has been cut significantly, or they're near bankruptcy.
"Given all the question marks we have right now in this economy, now is not the time to try and catch falling knives," he said."The chart we actually shared in,' where we showed Boeing relative to the S&P 500, at the time we noted this two-year topping pattern," Wald said during the same segment. "Fast forward to today, the update is now it's really just collapsed lower.""This is an important point really for the market broadly.
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