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Boeing's stock cuts intraday loss after WTO's 'landmark' ruling on EU subsidies to Airbus

Shares of Boeing Co. bounced in midday trade Tuesday, to cut its intraday losses in half, after the aerospace giant called the World Trade Organization's finding that the European Union had failed to honor previous rulings about illegal subsidies to rival European aircraft maker Airbus SE was a "landmark ruling." The stock was still down 0.7%, but had been down as much as 1.3% at its intraday low. "Today's final ruling sends a clear message: disregard for the rules and illegal subsidies is not tolerated," said Boeing Chief Executive Dennis Muilenburg. "The commercial success of products and services should be driven by their merits and not by market-distorting actions." Boeing said the WTO's decision clears the way for the U.S. to seek remedies for the "unfair" trade practices by placing tariffs on European imports.