Boeing investors lost $26.6 billion in the first two trading days this week following the deadly crash of one of its popular 737 Max 8 jets in Ethiopia.
Boeing’s shares slid 11 percent from $422.54 Friday to $375.41 at Tuesday’s close before turning positive Wednesday morning. The share slide cut its market value from $238.7 billion to $212.1 billion over Monday and Tuesday as international aviation regulators and airlines moved to ground 737 Max jets from China to Mexico.
Its shares were up by less than 1 percent Wednesday.
Edward Jones downgraded Boeing’s stock to hold from buy, noting a possible “delay in orders.”
Sunday’s crash of a passenger jet en route from Addis Ababa to Nairobi killed all 157 people on board. The disaster came five months after a Lion Air 737 Max 8 crashed in Indonesia, killing all 189 people aboard. The cause of the Ethiopian Airlines plane is under investigation.
The U.S. is increasingly alone in defending the American-made jets since the Federal Aviation Administration deemed the 737 Max to be “airworthy” earlier this week. The aircraft hasn’t been grounded in the U.S.
Have your say
More Business Headlines
- Ghana gets $185m from IMF after final review of fund programme
- Barclays collaborates with GCX to support farmers, traders on local bourse
- Cabinet approves automobile industrial policy
- IMF board passes Ghana on final review, bringing an end to the Fund’s program
- Grand finale of Ecobank Xpress Account Promo rewards 136 loyal customers
- Recent cedi depreciation 'nothing to do with fundamentals' - Economist
- Cedi depreciation: Too late for political jabs - Information Minister tells Minority
- COCOBOD signs $300m loan to refinance bills, finance programs
- Google regrets cedi-dollar exchange rate glitch - Finance Ministry
- Women farmers urged to explore other sources of income
- Go beyond just recapitalizing insurance sector – Robert Dzato to NIC
- Ghana to end tomato imports, cut rice imports by 50% in 2019
- Suzuki, Toyota and CFAO announce joint venture to produce cars in Ghana
- NPA to commence regulation of bitumen
- Inlaks, Moven Enterprise partner to provide innovative financial solutions