Boeing Approves Funding for Stock Plan

Boeing Co. will provide funding of $550 million to cover McDonnell Douglas workers who participate in Boeing’s employee stock ownership plan. The $550 million is expected to be charged against Boeing’s income in the fourth quarter and will come on top of another expected charge of $500 million to $1 billion to write down the value of McDonnell Douglas assets. The total charges of $1 billion to $1.5 billion are expected to leave Seattle-based Boeing with a loss in the fourth quarter. The funding of the stock plan was expected as part of Boeing’s continued integration into the company of McDonnell Douglas, which Boeing acquired for $16.3 billion. Shares of Boeing fell 69 cents to $50.75 on the NYSE.