Boeing (BA, Financial) has emerged as the largest loser among the Dow Jones components in 2024, with its stock plummeting over 31% throughout the year. The stock closed at $177.04, while competitor Airbus saw an 11% increase, and the S&P 500 rose over 23%. Boeing's stock began the year at $257.50 but faced a significant setback when an Alaska Airlines Boeing 737 MAX experienced a cabin panel incident, leading to a temporary grounding and an FAA production cap of 38 planes per month due to safety concerns.
Production issues, quality concerns, and a seven-week strike halted much of Boeing's commercial aircraft production, including the 737 program. Kelly Ortberg, who became CEO in August, faced immediate challenges, including a strike involving 33,000 workers from September to November, which pushed the stock to a low of $137.07. Ortberg announced a 10% workforce reduction and anticipated continued financial losses into 2025. The resumption of 737 production in December helped the stock recover to around $177.
