Jim Cramer: Boeing Just Wants the Suppliers 'to Stay Alive'
Boeing (BA) - Get Report is asking for $60 billion from the government for its suppliers.
One thing that Jim Cramer clarified on TheStreet Live that needs to be clarified is that Boeing is asking for the $60 billion for the industry, not for the plane-maker itself.
Boeing said the $60 billion sought was the "minimum" needed to support the industry's 2.5 million jobs, and should come in the form of loan guarantees and access to private and public liquidity. Boeing didn't indicate which portion of the aid it would need directly, but noted that it relies on at least 17,000 suppliers around the country and holds the position of the biggest U.S. exporter.
Cramer was very careful to highlight that the money would not be going to Boeing itself, but to suppliers and others within the industry.
Boeing's 52 week high was $398, but it is trading around $100 in intraday trading Wednesday.
The stock is down around 63% in the past month.
Watch the full video above for more.
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