U.S. stock indexes declined Monday as Boeing shares fell after a downgrade by Bank of America and Pinterest set its IPO price range below its most recent valuation.
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Investors also braced for what could be a tough first-quarter earnings season. FedEx, Walgreens Boots Alliance and Apple — among other corporations — cut their profit forecasts for the January-March period.
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Bank of America cut its rating on Boeing stock to Neutral from Buy, saying the company’s 737 Max jet problems are worse that previously understood.
The bank also cut its share price target to $420 from $480 as the Seattle-based aerospace giant cuts production of its 737 Max passenger aircraft model while it overhauls faulty software that contributed to a pair of recent deadly crashes.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| BA | BOEING COMPANY | 376.20 | -15.73 | -4.01% |
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Pinterest set a price range of $15 to $17 for its initial public offering, a range that is below where it last raised money privately, as the image-search company is set to begin its roadshow to pitch the shares to investors Monday.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26280.28 | -144.71 | -0.55% |
| SP500 | S&P 500 | 2881.34 | -11.40 | -0.39% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7892.751259 | -45.94 | -0.58% |
In China, the Shanghai Composite closed fractionally lower to 3,2441.81, the Hong Kong Hang Seng added 0.47 percent and Japan’s Nikkei 225 slipped 0.21 percent.
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Britain’s FTSE 100 was up 0.04 percent, France’s CAC 40 edged higher by 0.05 percent and Germany’s DAX fell 0.24 percent.
