Boeing Stock Tumbles Amid Reports of Software Glitch in 737 MAX Jets

Boeing stock plummeted on Monday after reports emerged of a previously undisclosed software glitch in its 737 MAX jets. The issue could cause an automated navigation feature to fail, potentially creating a safety risk during landing.

The Wall Street Journal reported that Boeing has acknowledged the glitch, which stems from a cockpit software update. It can occur when flight crews change their planned flight path after a missed approach.

Boeing's shares were down 4.33% at $189.50 on Monday, according to Benzinga Pro data. The company's stock remains below its major moving averages, with the 20-day simple moving average 7.8% below its 50-day SMA and 14.9% below its 200-day SMA.

Analysts maintain a Buy consensus rating on Boeing, with an average price forecast of $272. However, the company's weak momentum score and value score reflect its recent underperformance and position below key moving averages.