On Tuesday, in anticipation of several trillion dollars of Congressional pork, the Dow Jones Industrial Average (DJIA) rallied 11.37 percent. This marked its best day since 1933. Some Dow 30 stocks did much better.
For example, Chevron was the top performer; closing up 22.74 percent. American Express, which increased 21.88 percent, was a close second. But do you know what company came in third?
None other than the posterchild for corporate financialization and cronyism: Boeing. The company closed up 20.89 percent.
By all honest metrics, Boeing is circling the toilet bowl. On Tuesday, for example, Fitch cut Boeing’s credit rating to BBB. And according to Bill Ackman, head of Pershing Square Capital Management, “Boeing is on the brink [and] will not survive without a government bailout.” Continue reading