March 16, 2020 / 3:32 PM / 15 days ago

BUZZ-Boeing: Hits 42-month low, wipes out gains from Muilenburg's tenure

(Updates)

** Boeing Co shares plunge 16.5% to $142.30 in early trade, wiping out all gains made during former CEO Dennis Muilenburg’s tenure between July 2015 and December 2019

** Stock hits lowest since October 2016; down as much as 20% as the global airline industry rapidly cuts back capacity, grounds fleet in response to the coronavirus outbreak

** The ongoing coronavirus outbreak has added to BA’s year-long misery of grounded 737 MAX jets that has wiped billions off its value besides sparking hundreds of lawsuits from bereaved families

** Boeing fired Muilenburg after repeatedly failing to contain the 737 Max fallout

** BA shares rose 136.4% when Muilenburg was CEO and have fallen ~48% YTD as of Friday’s close (Reporting by Rachit Vats)

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