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In a blow to its market valuation, Boeing Co witnessed a $12.68 billion plunge in market capitalization at Monday’s stock market open as investors sold off shares of the company in the wake of Alaska Airlines grounding its entire fleet of Boeing 737 MAX-9 aircraft, following a harrowing incident where a door blew out mid-flight on an Alaskan Airlines plane on Friday.
The grounding decision, impacting Alaska Airlines’ 737 MAX-9 fleet, some of United Airlines planes, along with several local airlines, was made after Flight 1282, bound for Ontario, California, had to make an emergency landing in Portland due to part of its fuselage detaching mid-air. Passengers aboard the flight recounted hearing a “loud pop,” according to The New York Times, followed by the appearance of a gaping hole in the plane’s fuselage. The aircraft, however, managed to land safely back at Portland International Airport with no reported serious injuries among the 171 passengers and six crew members on board.
The incident, which caused investors to push the stock down nearly 9 percent on Monday, has raised fresh concerns over the safety of Boeing’s 737 MAX series, which had previously faced intense scrutiny and a global grounding after two fatal crashes in 2018 and 2019.
The FAA’s Emergency Airworthiness Directive (EAD) impacts approximately 171 Boeing 737 MAX-9 planes globally, Newsweek previously reported, including those operated by U.S. airlines within U.S. territory. The directive necessitates an immediate inspection of the aircraft, the FAA said, focusing specifically on the “mid cabin door plug.” The inspection, expected to take between four to eight hours per plane, is a precautionary measure to ensure passenger safety.
The National Transportation Safety Board (NTSB) initiated a thorough investigation into the incident as well. NTSB Chair Jennifer Homendy, addressing a press briefing in Portland, called for public assistance in locating the plane’s missing door, which was later found in the backyard of an Oregon schoolteacher, according to The Washington Post.
Sara Nelson, President of the Association of Flight Attendants-CWA, described the incident to NBC News as “an explosive decompression at the window exit,” pointing to the rarity of the situation.
Stephen Brashear/Getty Images
In response to the FAA’s directive, Alaska Airlines said in a statement on Saturday that it had commenced inspections of the door plugs on its fleet of Boeing 737 Max 9 planes. The airline stated that 18 of its 65 Max 9s had already undergone thorough inspections and were cleared for service. United Airlines announced the temporary suspension of certain MAX-9s in compliance with the FAA order. United had already inspected 33 of its 79 MAX-9s in service and anticipated about 60 flight cancellations on Saturday as a result of the grounding, according to NBC.
Boeing, in a statement issued on Saturday, expressed regret over the incident’s impact and supported the FAA’s decision for immediate inspections, saying “safety is our top priority and we deeply regret the impact this event has had on our customers and their passengers. We agree with and fully support the FAA’s decision to require immediate inspections of 737-9 airplanes with the same configuration as the affected airplane. In addition, a Boeing technical team is supporting the NTSB’s investigation into the Jan. 5 accident. We will remain in close contact with our regulator and customers.”
Newsweek has reached out to Boeing via email for comment. The company has been under scrutiny in recent years following two fatal crashes involving the 737 MAX-8 model, leading to a global grounding and comprehensive modifications to the aircraft before its return to service in December of 2020.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.