Boeing stock lowers after airlines ground 777 jets this weekend. Its price slipped after it advised airlines to ground many planes like the one that erupts into flame over Denver.
Shares dropped about 2.9% to $211.12 in premarket trading as of 8:28 a.m. as regulators probed safety concerns in some of Boeing’s 777 jets.
On Sunday, Boeing suggested that airlines suspend operations of all 777s with Pratt & Whitney 4000-112 engines. One of which caught fire on a United Airlines flight this Saturday, forcing an emergency landing and causing a great piece of engine casing to land on a suburban front yard.
The company’s advice came after the Federal Aviation Administration issued for instant or stepped-up inspections of the group of 777 jets. Transport ministry from Japan also ordered 2 carriers there to stop their use of the planes.
Boeing, in a statement, said, “We are working with the regulators as they take actions while the planes are on the ground and more inspections are done by Pratt & Whitney.”
Some 69 of the affected 777 jets are in service recently and another 59 are in storage, as per Boeing.
The only US airline, United, with the PW4000 engines in its fleet has said it would remove its 24 active planes temporarily with that kind of engine from its schedule.
No one was injured on the Honolulu-bound plane that went ablaze. However, the accident created another headache for Boeing as it attempts to recover from the 737 MAX scandal.
The feds stated that the model of the jet to return to the skies in Nov., about 2 years after it was grounded in the wake of crashes that killed 346 people. The fallout from the incident reportedly led to federal probes and a shakeup in the executive suite of Boeing.