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Boeing stock plunges as Alaska Airlines incident adds to woes

today 01/08/2024
Boeing and one of its main suppliers experienced significant drops in their stock prices due to concerns about potential damage to their businesses after a piece of fuselage on a Boeing 737 Max 9 blew out mid-flight. The incident occurred during an Alaska Airlines flight, which made an emergency landing after part of the aircraft's wall detached, leaving a hole in the plane. The Federal Aviation Administration has ordered the grounding of all Boeing 737 Max 9 aircraft for inspection, affecting 171 planes worldwide. Aviation trial attorney Robert Clifford stated that Boeing may have to compensate airlines for lost revenue. Boeing shares fell by over 8.5%, while shares of aerospace supplier Spirit AeroSystems dropped by about 11.5%. This incident adds to a series of problems for Boeing since the grounding of the 737 Max in 2019. Airbus, Boeing's European rival, has been performing better in the market and has surpassed Boeing in terms of jet deliveries. In 2023, Airbus delivered 623 jets compared to Boeing's 461. Boeing has faced quality and safety issues over the past few years, and recently asked airlines to inspect their 737 Max jets for loose bolts in the rudder system.
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