Circle Squared Alternative Investments founder Jeff Sica discusses whether Boeing stock is a buy on ‘Varney & Co.’
Boeing CEO Dave Calhoun will visit parts supplier Spirit AeroSystems in Wichita, Kansas, Wednesday, a company spokesperson confirmed to FOX Business.
Calhoun and Spirit’s CEO Pat Shanahan will speak to employees after the midair incident earlier this month when a plug door panel blew off the fuselage of a 737 Max Alaska Airlines plane in flight at about 16,000 feet.
Spirit makes fuselages for Boeing.
WATCH: ALASKA AIRLINES PASSENGER CAPTURES HORRIFYING MOMENTS AFTER PLANE PART BLEW OFF MID-AIR
Alaska Airlines Flight 1282 had been bound for Ontario, Calif., and experienced depressurization soon after departing from Portland, Ore. (Reuters / Reuters Photos)
Parts of the aircraft have been recovered from the ground by investigators piecing together what may have happened.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 200.52 | -17.18 | -7.89% |
| SPR | SPIRIT AEROSYSTEMS | 26.01 | -1.19 | -4.38% |
While there were no fatalities, the backlash has been swift. The Federal Aviation Administration is investigating along with the National Transportation Safety Board.
Alaska Airlines and United Airlines are the only two U.S. carriers that use the 737 Max 9. Both companies grounded their fleets so inspections could be completed while the FAA and NTSB conduct their investigation.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALK | ALASKA AIR GROUP INC. | 34.42 | -0.75 | -2.13% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 38.93 | -0.85 | -2.14% |
BOEING UPGRADES SAFETY INSPECTIONS TO 737 MAX PLANES
Additionally, at least six passengers are suing Boeing, FOX Business reported, citing injuries and emotional trauma.
Investigators are examining the door plug that blew out of an Alaska Airlines flight, and it remains unclear if the panel was properly bolted. (NTSB / Fox News)
BOEING CEO ‘FOUGHT BACK TEARS’ ADDRESSING EMPLOYEES AFTER ALASKA AIR INCIDENT
Investors are doing their own punishing.
Shares of Boeing have fallen 23% so far this year, with much of the drop following the door incident. The S&P 500 has changed little over the same time period.
The aircraft maker also announced an independent team led by Admiral Kirkland Donald will conduct a deep dive of the company’s commercial quality management system.
Alaska Airlines Flight 1282 on a Boeing 737-9 Max in Portland, Ore. (NTSB / Fox News)
“Admiral Donald is a recognized leader in ensuring the integrity of some of the most complex and consequential safety and quality systems in the world,” Calhoun said in a statement.
Dave Calhoun, CEO of Boeing (Getty Images/Christopher Pike/Bloomberg via Getty Images / Getty Images)
Calhoun gave an emotional address to employees in the days following the incident.
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“We’re going to approach this, No. 1, acknowledging our mistake,” he said. “We’re going to approach it with 100% and complete transparency every step of the way.”
