Boeing (NYSE:BA) shares are plunging more than 5% after the aircraft maker guided 2014 earnings and revenue targets lower and warned about reduced profitability.
The Chicago-based aerospace giant is the biggest loser in the Dow and is responsible for half of the blue-chip index’s 107-point selloff.
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Meanwhile, Boeing supplier Triumph Group (NYSE:TGI) is falling almost 13% after it missed earnings and revenue estimates last quarter, reported lower-than-expected margins and guided revenue lower.
Other aircraft parts and systems suppliers are getting caught in the downdraft, including AAR Corp. (NYSE:AIR), Esterline Technologies (NYSE:ESL) (one of Barron’s Roundtable member Meryl Witmer’s picks in this week’s issue – ouch!), Spirit AeroSystems (NYSE:SPR) and Rockwell Collins (NYSE:COL). Shares of Boeing competitor General Dynamics (NYSE:GD) are also taking a hit.
Aerospace Stocks Fall to Earth