BUZZ-Boeing set to be Dow's worst performer in turbulent year

Reuters
2024-12-31
BUZZ-Boeing set to be Dow's worst performer in turbulent year

** Boeing's BA.N stock is poised to drop 32% for 2024, the biggest pct decliner on the Dow Jones index .DJI, as the planemaker navigates multiple crises

** The year began with a mid-air cabin panel blowout on an Alaska Airlines-operated ALK.N 737 MAX 9 jet carrying 171 passengers, triggering investigations and a temporary grounding

** BA's production plunged in subsequent weeks as the U.S. aviation regulator imposed an output cap, which it is yet to lift

** In March, Dave Calhoun said he will step down as CEO; Boeing later hired aerospace veteran Kelly Ortberg as its top boss

** In July, BA announces $4.7 bln deal to buy money-losing supplier Spirit AeroSystems SPR.N, which made the fuselage for the jet involved in the accident

** About 33,000 workers went on strike in September over a contract dispute for nearly two months, halting most jet production and complicating Ortberg's turnaround efforts; BA announces 10% job cuts and says it expects to burn cash again in 2025

** BA resumes 737 production earlier this month at a low rate; stock recovers some lost ground

** BA underperforms vs S&P 500's over 23% gain YTD and rival Airbus AIR.PA, which is up 11.4% YTD

(Reporting by Rupali Chaudhary in Bengaluru)

((Rupali.Chaudhary@thomsonreuters.com))

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