Embraer Notably Higher On Strategic Partnership With Boeing

(RTTNews) - After moving significantly higher early in the session, shares of Embraer (ERJ) continue to see considerable strength in afternoon trading on Monday. Embraer has pulled back off its best levels of the day but remains up by 4.7 percent.

The early advance came after Embraer and Boeing (BA) approved the terms of a strategic partnership that would position both companies to accelerate growth in global aerospace markets.

The approved terms define the joint venture comprising the commercial aircraft and services operations of Embraer, in which Boeing will hold an 80 percent ownership stake and Embraer will hold the remaining 20 percent.