Boeing soars 11% after being named a monthly 'winner' by Dan Loeb's firm Third Point (BA)

Matthew Fox

June 3, 2020 7:37 PM

Boeing soared as much as 11% on Wednesday after a performance update from Dan Loeb's Third Point Offshore Fund listed Boeing as one of its winners for the month of May.

FILE PHOTO: A Boeing logo is seen at the company's facility in Everett, Washington, U.S. January 21, 2020. REUTERS/Lindsey Wasson/File Photo

Although initial media reports characterized Loeb's Boeing position as equity, it was later reported by CNBC's Scott Wapner that the Boeing position was in fact in debt, not stock.
"There's a rumor going around that Dan Loeb of Third Point has bought Boeing stock. I can confirm Dan Loeb bought Boeing debt, not Boeing stock," Wapner said on CNBC's Halftime Report.
Despite the clarification, Boeing's stock held on to its gains in afternoon trades.
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Boeing soared as much as 11% on Wednesday after Dan Loeb's Third Point Offshore Fund listed the airplane manufacturer as one of its monthly "winners" for the month of May.

The report initially created confusion among investors as the Boeing stake was thought to be an equity position.

Instead, the position was in Boeing's debt, not stock.

CNBC's Scott Wapner said on Wednesday's Halftime Report, "There's a rumor going around that Dan Loeb of Third Point has bought Boeing stock. I can confirm Dan Loeb bought Boeing debt, not Boeing stock."

Despite the clarification from Wapner, Boeing's stock held on to its gains in afternoon trades.

The company recently announced that it would restart production of its troubled 737 MAX plane after laying off thousands of workers.

Boeing has rallied more than 70% off its mid-March low, but is still trading down nearly 50% year-to-date.

BA CHART.JPG Markets Insider

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