Boeing stock slides for second day amid 737 Max fallout
Boeing’s stock continued to slide on Tuesday amid fallout from the harrowing mid-flight incident Friday that left passengers terrified as an emergency door panel detached from a Boeing 737 Max 9 aircraft, leaving a gaping hole in the side of the plane.
Boeing shares were down roughly 1.3 percent by midday Tuesday after falling 8 percent Monday alone. The stock closed on Monday at $229.01, down almost $20 from its price at market close on Friday.
The stock was the worst performer in the Dow Jones Industrial Average and saw its biggest drop at market open on Monday since October 2022, Barron’s reported.
The dip comes after the Federal Aviation Administration (FAA) ordered the temporary grounding of about 171 Boeing planes operated by U.S. airlines or in U.S. territory on Saturday.
The CEO of Alaska Airlines, which was operated the Boeing aircraft on Friday, said the airline would perform full safety inspections on its Boeing 737 Max 9 planes and was working with Boeing and federal regulators to determine what happened.
The National Transportation Safety Board announced it was conducting an investigation.
“The FAA is requiring immediate inspections of certain Boeing 737 MAX 9 planes before they can return to flight,” FAA Administrator Mike Whitaker said in a statement. “Safety will continue to drive our decision-making as we assist the [National Transportation Safety Board’s] investigation into Alaska Airlines Flight 1282.”