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Boeing dips premarket on new FAA investigation

Published 08/04/2024, 08:24 pm
© Reuters.
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(Updated - April 8, 2024 6:21 AM EDT)

Boeing (NYSE:BA) shares are down a further 1% premarket Monday after news on Sunday revealed an engine cowling fell off of a Southwest Airlines Boeing 737-800.

The Federal Aviation Administration explained on Sunday that the cowling hit a wing flap during a takeoff from Denver International Airport. It has prompted the Federal Aviation Administration (FAA) to open an investigation.

According to the FAA, the Southwest flight was heading to Houston’s William P. Hobby Airport, but it safely returned to the gate at Denver around 25 minutes after takeoff, with no one injured. Southwest said its maintenance teams are "reviewing the aircraft" following the incident.

This is Boeing's latest issue after a fuselage panel blew off an Alaska Airlines jet in January. In addition, the FAA is currently investigating a separate incident involving a Southwest flight in March that deviated from its course while attempting to land in New York.

Boeing's ongoing quality control issues have resulted in safety concerns, which in turn have caused delays in the delivery of new Max aircraft. Meanwhile, last month, Boeing's CEO Dave Calhoun said he would step down by the end of 2024.

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