Stocks
Boeing Stock Plunges After CEO Warns of Production Bottlenecks
Boeing's stock took a hit on Friday after CEO Kelly Ortberg shared concerns about production challenges at the company's Renton, Washington factory. The issues have hindered the manufacturer's ability to meet its target of producing 47 jets per month.
The news comes as Boeing announced a record order from Korean Air for 103 jets valued at $36.2 billion at list prices. The deal includes 20 777-9s, 25 787-10 Dreamliners, 50 737-10s, and eight 777-8 Freighters.
Ortberg's comments sent shares plummeting by as much as 6% intraday before closing 4.5% lower. This marks the stock's largest single-day drop since May and extends its decline for the year to roughly 7%.