Boeing stages 30% Nov rally on 737 Max return, vaccine hope

Bloomberg

Boeing Co, the biggest laggard on the Dow Jones Industrial Average this year through October, is turning the tables in November with a 30% gain.
The shares are surging this month on the impending return of its 737 Max jet and promising vaccine trials from Pfizer Inc that suggest an eventual rebound in the depressed market for jetliners. Another boost: Joe Biden’s victory in the 2020 election.
Boeing would be a winner if Biden thaws relations with China, the largest overseas market for the 737 Max.
“For once in the last two years, things could go Boeing’s way,” said George Ferguson,
an analyst with Bloomberg Intelligence. The spate of good news is a reversal for a company that’s been slammed by the coronavirus pandemic and the collapse in demand for air travel — and jetliners.
Boeing was already reeling before the outbreak from the grounding of the Max in March 2019 after two deadly crashes. Even now, the Chicago-based planemaker must contend with a daunting outlook and
a balance sheet laden with
$61 billion of debt.
“Everybody’s looking so far forward right now,” Ferguson said.
Boeing has surged 30% this month, the largest gain on the 30-member Dow, which has advanced 11%.