Boeing stocks recover after decline
PITTSBURGH — Shares of Boeing Co. edged up late Friday after tumbling earlier in the day amid reports that the world's second-largest commercial airplane maker may further postpone deliveries of its new 787 passenger jet.
The next-generation jetliner has been hampered by a series of production setbacks, including a strike by 27,000 assembly workers that shut down the company's commercial aircraft factories for two months earlier this fall.
The production delays, blamed partly on a reliance on overseas suppliers, has cost Boeing credibility and billions of dollars in expected additional costs and penalties.
Shares of the Chicago-based company rose 34 cents to $39.53 on Friday.
Boeing shares rose with the broader market as investors, intially shocked by a Labor Department report of higher-than-expected job losses in November, changed course on hopes the numbers could mean more government economic aid.
Still, Boeing shares have shed 54 percent of their value since the beginning of the year.
On Thursday, The Wall Street Journal reported Boeing was considering delaying the first deliveries of the hot-selling 787, which the company says will be highly fuel-efficient because of its construction from lightweight carbon composite parts.
Boeing executives are expected to announce later this month that the first planes may not be delivered until the summer of 2010 — more than two years after originally scheduled, according to the Journal.
A Boeing spokeswoman declined to confirm the report, but said the company had not yet completed an assessment of its commercial aircraft operations after the strike.