The company will announce plans to move some of its defense operations out of Washington tomorrow, according to Reuters. The consolidation will reportedly focus on defense support services, and won't affect Boeing's P-8A spy plan and KC-46 aerial refueling tanker programs.
Boeing is expected to move many of the affected workers to its commercial jetliner operations, according to Reuters.
The consolidation is part of Boeings plan to cut $2 billion in costs from its defense business in addition to the $4 billion it announced in recent years, according to the publication.
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 impressive record of earnings per share growth, compelling growth in net income, revenue growth, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins."