Boeing investors lost $26.6 billion in the first two trading days this week following Sunday’s fatal crash of one of its popular 737 Max jets in Ethiopia.
Boeing‘s shares slid 11 percent from a close of $422.54 Friday to $375.41 Tuesday before turning positive in morning trading Wednesday morning. The share slide cut its market value from $238.7 billion to $212.1 billion over Monday and Tuesday as international aviation regulators and airlines moved to ground 737 Max jets from China to Mexico.
Its shares were up by less than 1 percent in morning trading Wednesday.
Edward Jones downgraded Boeing’s stock Tuesday to hold from buy, noting a possible “delay in orders.”
Sunday’s crash of a passenger jet en route to Nairobi killed all 157 people on board. It’s the second fatal crash of the new airplane in five months following a crash in Indonesia in October that killed all 189 passengers and crew.
The U.S. is increasingly alone in defending the American-made jets since the Federal Aviation Administration deemed the 737 MAX to be “airworthy” earlier this week. The aircraft hasn’t been grounded in the U.S.