The Boeing Company (BA) Falls 5% Today: The Company Spends $11 Billion On Drones

The Boeing Company stock falls sharp over the weekends. The stock was trading at $217.74 on July 16 at the close of the trading session. As of right now, the market is open and the stock is trading at $206.96 per share. It marked a 5% drop. The cause of the drop might be the $11 billion drone program.
Over the last three years, the company has worked on the development of the drone tanker, which it first tested in 2015. In October, it successfully refueled a US Navy fighter jet using a drone. If the Navy is planning on having autonomous drones flying off of its decks in the future, then Boeing should be able to offer a variety of drone models for sale.

The cost of the MQ-25’s development has declined significantly since the program started, according to a new report. The report also estimated that the total program cost for the entire fleet of 76 drones is $11.1 billion. The fact that the Navy is now buying drones from Boeing at a 12% discount shows that the company is now in possession of a rare franchise in the defense industry.

Richard McEntire

Finance and Entertainment Reporter Richard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.

Want Hot Stocks?    Yes. I Love Them No thanks