Boeing Stock Woes Worsen After the United States Grounds 737 Max Jets

CNN/Stylemagazine.com Newswire | 3/14/2019, 12:34 p.m.
The bad news for Boeing investors arrived on Wednesday. The United States joined other countries and grounded its 737 Max ...

The bad news for Boeing investors arrived on Wednesday. The United States joined other countries and grounded its 737 Max planes. Shares of Boeing, which had lost about 11%, or more than $28 billion in value, before the announcement, fell another 3% immediately after President Donald Trump announced the move from the White House. The shares then rebounded in a sign that the grounding had been largely priced in to Boeing's stock. But even as they managed to close Wednesday slightly higher, shares are down more than 10% since the crash. The grounding comes after two fatal crashes in the last five months involving the 737 Max 8 jet. A Lion Air flight crashed in Indonesia in October, and an Ethiopian Airlines plane crashed on Sunday.