NEW YORK (TheStreet) -- Shares of Boeing Co. (BA) closed down 3.87% at $124.64 on heavy trading volume after the aerospace company said it would reduce monthly production of its 747-8 jetliner to 1.3 aircraft a month from 1.5 in September 2015, bringing annual deliveries to approximately 16 from 18, the Wall Street Journal reports.
The four-engine 747, with its distinctive hump, has long been an icon of international jet travel, but demand has dwindled as airlines have opted for smaller, twin-engine jetliners and the need for big cargo freighters has ebbed, the Journal said.
Separately, Boeing today projected strong demand for jetliner financing to fund airlines' appetite for new planes, the Journal noted.
The aerospace giant projects demand for $124 billion in jetliner financing next year as airlines need to fund more than 1,300 aircraft deliveries planned for 2015, the Journal said, adding, the company expects that to grow through the decade, reaching $156 billion in 2019.
About 6.48 million shares changed hands by 4:29 p.m. in New York, compared to the average of 3.65 million shares.
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, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins."