Archer Aviation Soars 11% as Boeing Deal Rally Extends

Archer Aviation's stock price surged 11% to $6.93 on Tuesday, extending Monday's 12% rally as investors continue to process details from its Q2 2024 earnings call.

The move follows the company's announcement of a deal with Boeing, which saw Archer's shares jump 12% on Monday.

Archer Aviation CEO Adam Goldstein said that the defense and drone assets acquired from Boeing will help reduce cash burn and dilution risk, allowing the company to operate on a 'self-funding basis'.

The deal also gave Boeing a 16% stake in Archer alongside a technology-sharing arrangement.