A Boeing 737-800 jet with 132 people on board crashed in China
The shares of blue-chip aerospace concern Boeing Co (NYSE:BA) are down 5.6%, last seen trading at $181.24, after one of the company's 737-800 jets being operated by China Eastern Airlines crashed this in the mountainous Guangxi region. There were a total of 132 people on board, and the number of casualties has yet to be confirmed.
Just over three years ago, Boeing stock fell from an all-time high of $446.01 after its Boeing 737 MAX jet was involved two fatal crashes in 2018 and 2019. This resulted in an extended pullback, made worse by the pandemic-induced broader-market selloff, with BA finally finding a floor at the $95 area in March 2020. The equity has had a volatile run since then, rising as high as $278.57 in March 2021 though it's lost 28% in the last 12 months.
Bearish options traders are taking note of today's news. Already, 34,000 puts have crossed the tape, which is seven times the intraday amount. Most popular are the weekly 3/25 180- and 170-strike puts, with new positions opening at both contracts.