Why Spirit AeroSystems Fell 16% in December
It's been more than a decade since Spirit AeroSystems Holdings (NYSE: SPR) was spun out of Boeing (NYSE: BA), but the aerostructures manufacturer still has close ties to its former parent. Spirit AeroSystems shares fell 16.2% in December, according to data from S&P Global Market Intelligence, as Boeing announced additional cuts to its troubled 737 MAX program.
Spirit manufactures the fuselage for the 737 MAX, the commercial aircraft that was grounded last March following a pair of crashes that killed more than 300 passengers and crew. Boeing had initially hoped to have the plane airborne again by the end of 2019 and worked out an agreement with Spirit and other key suppliers to keep the plane's supply chain running, but the company failed to hit its internal deadlines.
Aircraft fuselage on the assembly line. Image source: Getty Images.
Source Fool.com
