Boeing reins in spending amid 737 MAX, coronavirus crises – Saudi Gazette

Boeing reins in spending amid 737 MAX, coronavirus crises – Saudi Gazette

Shares of Boeing tumbled as the company reported dozens of plane cancelations as a clouded travel outlook due to coronavirus adds to the woes surrounding the 737 MAX. - AFP. NEW YORK - Boeing will suspend most hiring and overtime pay as it works to conserve cash in the face of twin crises over the 737 MAX and a massive slowdown in travel due to coronavirus, the company said Wednesday.. Shares of Boeing plunged more than 13 percent on another bruising day for Wall Street as the company announced the belt-tightening measures after disclosing dozens of MAX plane cancelations.. The company has developed contingency plans in case revenue falls 70 percent in April, a scenario it does not expect.". Shares of Boeing plunged 13.7 percent to $199.40 in afternoon trading Wednesday, the biggest drag on the Dow, which fell five percent on another bleak day on Wall Street..