Boeing bounces back after Pentagon says Iran likely shot down Ukraine plane by mistake
Boeing stock gets a reprieve as crash in Iran likely from a missile
Boeing shares rebounded on Thursday over 1 percent after the Pentagon said the downing of a Ukrainian airliner in Tehran earlier this week was likely due to a surface-to-air missile fired by Iran.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 169.82 | -0.41 | -0.24% |
| I:DJI | DOW JONES AVERAGES | 37986.4 | +211.02 | +0.56% |
The stock was the top performer midday in the Dow Jones Industrial Average, helping the index move closer to another key milestone, 29,000.
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The Ukraine International Airlines Boeing 737 plummeted from the sky minutes after takeoff killing all 176 souls on board. Initial reports cited mechanical problems. The news hit Boeing shares hard Wednesday as the company continues to deal with the fallout from the 737 Max jet (the 737 Max was not the same type of Boeing jet involved in the Iran crash).
Following the crash this week, aviation experts raised concerns about the cause of the downing. Kyle Bailey told FOX Business’ Neil Cavuto on Wednesday that “everything” appeared to be “normal.”
“The plane climbed at a normal set rate. The speed appeared normal,” he said, adding that in crashes, altitude and airspeed fluctuate “like crazy.”
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As for the 737 Max Jet fallout, Boeing CEO Dennis Muilenburg resigned Dec. 23 amid the controversy surrounding the company's beleaguered 737 Max jet, the aerospace giant said.
The company said David Calhoun, Boeing's current chairman, will replace Muilenburg as president and CEO beginning Jan. 13, 2020.
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Shares have lost 6 percent over the past 52 weeks as multiple U.S. airlines continue to delay the return of the Max jet due to ongoing safety concerns.
The 737 MAX, the best-selling model in Boeing's history, was grounded in March 2019 after two overseas crashes that killed more than 300 people prompted scrutiny of its anti-stall software.
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Inquiries into Boeing by FOX Business were not immediately returned.