31 Oct Boeing stock rebounds after mysterious Lion Air plane crash
The mystery of what caused Lion Air flight 610 to crash into the Java Sea on Monday is still unfolding, but Boeing investors seem to have shaken off concerns that the tragedy signals broader issues for the aerospace giant.
Shares of Boeing have almost completely rebounded after dropping nearly 7% shortly after the news broke. The stock price hit a high of $363.40 today, which is about where it was before the crash.
Lion Air’s brand-new Boeing 737 MAX 8 went down just 13 minutes after it took off from Jakarta, and the pilots had reportedly requested clearance to return to the airport, although they did not mention any kind of emergency, per CNN. However, flight data and eyewitnesses reported that the same aircraft was behaving erratically on an earlier flight.
In a statement, the company offered its “heartfelt sympathies” to the victims and their loved ones, and said it was providing technical assistance at the direction of government authorities investigating the incident. All 189 people on board the plane are presumed to have perished.
According to the New York Times, Indonesian investigators have zeroed in on the location of the flight’s black boxes, so there’s a good chance we’ll have more information soon.
Source: Fast Company
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