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Boeing Feasts on Airbus Famine

TSC Staff

Boeing (BA) surged early Wednesday as investors scurried away from rival Airbus in the wake of the European aerospace company's latest production setback.

Shares of Chicago-based Boeing rose 4% Wednesday after Airbus said Tuesday it would set back delivery of its giant Airbus A380 airliner by seven months. Airbus had earlier delayed production of the double-decker plane by six months. Shares of Airbus parent EADS dropped 25% in Paris Wednesday on the news.

"I am extremely sorry vis-a-vis investors that have placed their confidence in EADS," co-CEO Noel Forgeard said in a conference call, according to MarketWatch. "This announcement came as a big blow. But we will create recovery."

Early Wednesday, Boeing rose $3.51 to $80.49.