Furthermore, Boeing posted an annual revenue of over $100 billion coupled with a strong earnings guidance for 2019.
“We are confident in the safety of the 737 Max and in the work of the men and women who design and build it,” Boeing CEO Dennis Muilenburg said in a message to employees after the FAA released its statement.
“There are still many facts to learn and work to be done,” Muilenburg added. “Speculating about the cause of the accident or discussing it without all the necessary facts is not appropriate and could compromise the integrity of the investigation.”
Shares of Boeing fell another 5 percent on Tuesday after falling as much as 8 percent in the early trading session on Monday. The iShares US Aerospace & Defense ETF (BATS: ITA), which has a 12.36 percent weighting in Boeing fell 0.67 percent as of 11:15 a.m. ET.
For investors looking for continued upside in U.S. cyclical sectors over defensive sectors, the Direxion MSCI Cyclicals Over Defensives ETF (NYSEArca: RWCD) offers them the ability to benefit not only from cyclical sectors potentially performing well, but from their outperformance compared to defensive sectors.
Conversely, if investors believe that U.S. defensive sectors will outperform cyclical sectors, the Direxion MSCI Defensives Over Cyclicals ETF (NYSEArca: RWDC) provides a means to not only see defensive sectors perform well, but a way to capitalize on their outperformance compared to cyclical sectors.
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