Boeing (NYSE:BA) stock is on the move Tuesday following news that the company has signed a deal with Saudi Arabia.
That deal will see Boeing supply Saudi Arabia with as many as 121 of its 787 Dreamliners. These are being split between state-owned airline Saudi Arabian Airlines and national airline Riyadh Air. Based on the price of a 787 being $338 million, this deal could be worth as much as $40 billion for Boeing.
It’s worth pointing out that 78 of the 787 Dreamliners in this deal are considered firm orders. The remaining 43 are options as additional purchases. Also, Riyadh Air is responsible for 72 of the jets included in this order.
Stan Deal, president and CEO of Boeing Commercial Airplanes, said the following about the deal in a news release:
“This is a significant order that will support Riyadh Air’s commitment to deliver a world-class travel experience, while supporting American aerospace manufacturing jobs at Boeing and across our supply chain.”
BA Stock Movement on Tuesday
Considering the recent order for its 787 Dreamliners, it makes sense shares of BA stock are on the rise today. Investors are celebrating as the order reaffirms the company’s strengths and should be a boon to earnings.
As of this writing, shares of BA stock are up 3.1%.
There’s more stock market news traders will want to know about on Tuesday!
Luckily, we’ve got all that news ready to go with our latest dives into the market. A few examples include what’s moving shares of Credit Suisse (NYSE:CS), ridesharing stocks, and bank stocks today. You can find out more on these matters at the following links!
More Tuesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.