Boeing

(BA) - Get Report

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.