From tech snag to bomb threat: Boeing share price in focus amid fresh troubles
Boeing share price: Plagued by fresh troubles — ranging from technical snags to bomb threat reports — a few days after the Ahmedabad plane crash, shares of Boeing Company looked set to decline for the fifth day in a row.
Boeing share price was trading flat with a negative bias in pre-open trade on Monday, June 16, at $200.2 apiece, down 0.06%. The aircraft manufacturer has also seen its stock slide by over 8% in the last four days.
The stock's biggest fall in the last four sessions of 4.8% came on Thursday after the Boeing 787 Dreamliner aircraft, travelling from London to Ahmedabad, crashed into a complex of B J Medical College in the Meghaninagar area shortly after taking off, resulting in the death of 265 people.
In signs of fresh troubles, an Air India plane, using the same type of Boeing aircraft, bound for New Delhi returned to its origin of Hong Kong as a precautionary measure on Monday after a technical issue was suspected mid-air, the latest incident affecting the airline in recent days.
In a separate incident, a Lufthansa flight to Hyderabad was forced to make a U-turn and return to land at Frankfurt Airport due to a bomb threat.
The Boeing 787-9 Dreamliner's return mid-air came as a Chennai-bound British Airways Flight BA35, also a Dreamliner, returned to London Heathrow Airport on Sunday over a 'technical issue'.
"The aircraft returned to Heathrow as a standard precaution after reports of a technical issue," British Airways said in a statement.
Recently, Boeing also pared down its 20-year forecast for passenger traffic growth from 4.7% in last year's outlook to 4.2% this year. Likewise, it lowered its global economic growth forecast from 2.6% to 2.3%, cargo traffic growth from 4.1% to 3.7% and fleet growth from 3.2% to 3.1%, according to a Reuters report.
Despite the lower projection for cargo traffic, Boeing Vice President of Commercial Marketing Darren Hulst told reporters in a briefing that trade volatility is not expected to significantly shift long-term demand.
(With inputs from agencie)
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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