Shares of Boeing Co slid 9 percent in early trading on Monday as many airlines grounded the planemaker's best selling 737 MAX 8 passenger jet ...
REUTERS: Boeing Co shares fell by the most in three years on Monday after China, Indonesia and Ethiopia ordered airlines to ground their 737 MAX 8 planes following the second deadly crash of one of the jets in just five months.
"The grounding of the 737 MAX by China, Indonesia, and Ethiopian are near-term reputational negatives for Boeing that could impact sales, particularly if the FAA follows suit and also grounds the plane," Cai von Rumohr, analyst at Cowen & Co, said in a research note, referring to the U.S. Federal Aviation Administration.
Even with Monday's drop, it remained the Dow's best performer so far this year with a gain of 21.6 percent compared with 9.45 percent for the full index.Morgan Stanley analyst Rajeev Lalwani said there would be concerns about safety, production, groundings and costs, but that those should all be manageable longer-term.
Earlier in the day, China's aviation regulator grounded nearly 100 Boeing 737 MAX 8 aircraft operated by its airlines after the crash.
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