- Boeing soared as much as 11% on Wednesday after a performance update from Dan Loeb’s Third Point Offshore Fund listed Boeing as one of its winners for the month of May.
- Although initial media reports characterised Loeb’s Boeing position as equity, it was later reported by CNBC’s Scott Wapner that the Boeing position was in fact in debt, not stock.
- “There’s a rumour going around that Dan Loeb of Third Point has bought Boeing stock. I can confirm Dan Loeb bought Boeing debt, not Boeing stock,” Wapner said on CNBC’s Halftime Report.
- Despite the clarification, Boeing’s stock held on to its gains in afternoon trades.
- Visit Business Insider’s homepage for more stories.
The report initially created confusion among investors as the Boeing stake was thought to be an equity position.
Instead, the position was in Boeing’s debt, not stock.
CNBC’s Scott Wapner said on Wednesday’s Halftime Report, “There’s a rumour going around that Dan Loeb of Third Point has bought Boeing stock. I can confirm Dan Loeb bought Boeing debt, not Boeing stock.”
Despite the clarification from Wapner, Boeing’s stock held on to its gains in afternoon trades.
The company recently announced that it would restart production of its troubled 737 MAX plane after laying off thousands of workers.
Boeing has rallied more than 70% off its mid-March low, but is still trading down nearly 50% year-to-date.
Business Insider Emails & Alerts
Site highlights each day to your inbox.