As of Monday’s close, Boeing stock is down over 11% in the last week, largely due to the release of potentially damning new text messages that executives allegedly hid from the FAA in their ongoing investigation into the aerospace giant’s 737 MAX jet. The messages reveal Boeing’s chief technical pilot and others may have been aware of serious issues with the embattled plane, which has now been grounded globally for 8 months, as far back as 2016. These issues turned fatal in 2018 and 2019 after 2 separate crashes, likely set off by the MAX’s faulty MCAS software, killed all 346 on board. Boeing has repeatedly delayed timetables for a return to service since April and has cut production of their jet dramatically in the aftermath. With CEO Dennis Muilenburg set to testify before congress at the end of the month, this latest setback compounds mounting legal and regulatory woes and billions of dollars in losses that are expected to whack company earnings next week.
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