Boeing Is Tanking On Eric Cantor's Shocking Defeat

Boeing lost a friend in Eric Cantor last night.

Shares of Boeing are down more than 2% following the primary defeat of Republican House Majority Leader Eric Cantor, reports Bloomberg.

Cantor’s loss could put reauthorization of the Export-Import Bank — which assists in financing the export of U.S. goods to international markets — at risk.

Financing from the Export-Import Bank would support $US10 billion worth of Boeing’s 2014 sales, Bloomberg said.

Chris Krueger, senior policy analyst at Guggenheim told Bloomberg in an email that Boeing was the “biggest loser” besides Cantor.

In its first-quarter earnings release, Boeing said 37% of its $US67 billion of backlog order in its defence, space, and security segment were with international customers.

Boeing is the biggest loser in the blue-chip Dow Jones industrial average.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.