Congressman Sells Boeing Stock Day Before DOJ Investigation: Why The Trade From Top Trader Is Drawing Scrutiny
Portfolio Pulse from Chris Katje
Representative William Keating sold shares and notes of The Boeing Company (NYSE:BA) on Feb. 28, right before the DOJ announced an investigation into Boeing on Feb. 29. The sale has drawn scrutiny due to potential insider trading, as Keating sits on the Armed Services Committee. Boeing shares have fallen 29% year-to-date in 2024, and the sale potentially saved Keating from future losses. The FAA is also investigating Boeing for recent mishaps, adding to the company's challenges.
March 14, 2024 | 5:36 pm
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Rep. William Keating sold Boeing stock and notes before a DOJ investigation was announced, potentially avoiding future losses as Boeing shares have since fallen 29% YTD in 2024.
The timing of Rep. Keating's sale of Boeing stock and notes just before the DOJ investigation announcement could suggest insider knowledge, potentially impacting investor trust and Boeing's stock price negatively. The ongoing investigations by the DOJ and FAA into Boeing add to the company's challenges, likely contributing to the stock's decline. Given these factors, the short-term impact on Boeing's stock price is likely negative.
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