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 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.