Boeing Stock Plunges Over 23% on FAA Probe and Downgrade Warning of Production Risks
• Boeing's stock has plunged 23.4% from its Dec. 15 high, entering "bear market" territory • Downgrade by Wells Fargo analyst, who said FAA investigation raises risks of production/delivery curtailment • FAA probe "opens up a whole new can of worms" and odds of a "clean audit are low" • Analyst cut 2024 free cash flow forecast to $5.8B from $6.8B, now below consensus • Boeing stock has tumbled 22.4% in January, on pace for biggest monthly drop since Sept. 2022