Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average fell Monday, pulled lower by Boeing (BA - Get Report) after the aerospace giant was downgraded and said it would slow production of its troubled 737 MAX aircraft following two fatal accidents.
- General Electric (GE - Get Report) tumbled after the stock was downgraded by JPMorgan to underweight from neutral.
- Micron (MU - Get Report) declined after analysts at Cowen downgraded the company's stock to market perform from outperform.
Wall Street Overview
Shares of Boeing sank 4.4% to $374.52 after Bank of America Merrill Lynch cut its rating on the planemaker to neutral from buy and Friday's announcement that Boeing would slow production of its troubled 737 MAX aircraft following two fatal accidents that have raised serious concerns for the aircraft's safety. Boeing cut 737 production by 20% to 42 units per month, starting around the middle of April.
Southwest Airlines (LUV - Get Report) , which has more MAX 8 planes in its fleet than any other U.S. carrier, dropped 2.5% to $51.94 after Raymond James downgraded the airline to market perform from outperform.
General Electric shares fell 5.2% to $9.49 after JPMorgan analyst Stephen Tusa, a long-time critic of GE's business model, lowered his rating for the industrial giant to underweight from neutral and cut his price target by $1 to $5 a share.
Micron (MU - Get Report) fell nearly 1% to $42.90 after analysts at Cowen downgraded the stock to market perform from outperform while also lowering their price target to $45 from $46 per share. Analyst Karl Ackerman updated his outlook after field work he conducted suggested that Micron's profitability will decline again in calendar 2020.