Shares
in
aerospace
giant
Boeing
have
plunged
8%
in
pre-market
trading
in
the
US
following
two
dramatic
incidents
in
the
opening
week
of
the
year.
In
Japan,
an
Airbus
A350
operating
as
Japan
Air
Lines
flight
516
burst
into
flames
after
colliding
with
a
coastguard
plane
last
week.
In
a
second
separate
safety
failure,
a
fuselage
panel
collapsed
on
a
Boeing
737
MAX-9
flown
by
Alaska
Airlines
on
flight
1282.
Neither
event
caused
loss
of
life,
though
it
is
thought
deaths
were
avoided
in
the
first
incident
because
quick-thinking
crew
advised
passengers
to
leave
their
belongings
behind.
Morningstar
industrials
analyst
Nicolas
Owens
says
Boeing,
which
is
listed
on
the
New
York
Stock
Exchange
and
is
a
major
constituent
of
the
Dow
Jones
index,
is
still
working
out
flaws
in
its
737
and
787
planes.
Investors
could
be
forgiven
for
being
cautious.
“Investors
in
Boeing
and
Airbus
bank
on
the
long-term
durability
and
safety
records
of
the
companies’
products
and
the
firms’
ongoing
obligation
to
adhere
to
the
strictest
product
governance
standards
to
meet
safety
requirements,”
he
says.
“The
fatal
crashes
of
two
Boeing
737
MAX-8
aircraft
in
2018
and
2019
caused
grave
consequences
for
Boeing,
including
the
grounding
of
the
entire
737
MAX
fleet
by
global
aviation
regulators
for
nearly
two
years,
precisely
because
they
called
into
question
Boeing’s
ability
to
fulfill
its
product
governance
commitment.
“To
this
day,
Boeing
is
working
out
flaws
in
its
manufacturing
processes
for
new
737
and
787
jets
that
came
to
light
under
intense
scrutiny
following
the
737
MAX-8
crashes.
The
737
MAX-7
and
MAX-10
variants
have
not
yet
been
certified
as
airworthy
by
the
US
Federal
Aviation
Administration
(FAA),
though
we
think
they
will
eventually
be
certified.”
On
January
6,
the
FAA
announced
171
Boeing
MAX-9
jets
of
the
type
flown
on
Alaska
Flight
1282
must
be
inspected
before
they
can
fly
again.
“At
this
point,
we
do
not
believe
those
inspections
or
any
revision
to
how
the
737
MAX-9
fuselages
are
made
by
Spirit
Aero
Systems
as
a
supplier
to
Boeing
will
have
a
material
financial
impact
on
Boeing
or
its
customers,
and
our
$232
fair
value
estimate
is
unchanged,”
Owens
says.
“However,
the
dramatic
nature
of
the
flaw
will
have
the
effect
of
once
again
calling
Boeing’s
product
governance
into
question
by
customers,
regulators,
and
the
flying
public.”
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