NEW YORK (TheStreet) -- Shares of Boeing (BA) are trading sharply lower, down -2.43% to $133.91, in the last hour of trading on Wednesday.
The defeat of U.S. House Majority Leader Eric Cantor in a primary election is a blow to Boeing becasue it threatens congressional reauthorization of the Export-Import bank.
The Ex-Im Bank arranges low cost financing for foreign airlines to purchase jets, a service that Boeing said last month would support $10 billion of sales in 2014, according to Bloomberg.
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Separately, Boeing was also downgraded to "sector perform" from "outperform at RBC Capital Markets this morning.
The firm said the revision was a valuation call.
TheStreet Ratings team rates BOEING CO as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BOEING CO (BA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."