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UBS Cuts Boeing Price Target to $250 From $275, Maintains Buy Rating
By: MT Newswires | March 21, 2024
Boeing BA has an average rating of outperform and price targets ranging from $200 to $300, according to analysts polled by Capital IQ.
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Update: Boeing Expects up to $4.5 Billion Q1 Cash Outflow, Lowers Monthly Production Target
By: MT Newswires | March 20, 2024
Boeing BA has decided to keep monthly B737 jet production below 38 as the planemaker predicted cash outflow of $4 billion to $4.5 billion in Q1, Chief Financial Officer Brian West said Wednesday in a conference.
West said the company is "deliberately going to slow" as it implements changes aimed at addressing the US Federal Aviation Administration's concerns, according to a Capital IQ transcript.
"We are the ones who made the decision to constrain rates on the 737 program below 38 per month until we feel like we're ready. And we'll feel the impact of that over the next several months," West said.
The company also plans to only accept a fully conforming fuselage from supplier Spirit AeroSystems
SPR, following regulatory scrutiny of its manufacturing processes after the Jan. 5 incident involving a blowout in a 737 Max 9 plane mid-flight.
Boeing shares were down 2% in recent premarket activity.
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Boeing $BA was just awarded a $1.1 Billion modification to a previous contract with the U.S. Navy
By: Evan | March 19, 2024
Boeing $BA was just awarded a $1.1 Billion modification to a previous contract with the 🇺🇸 Navy pic.twitter.com/42j7r0qDdg
— Evan (@StockMKTNewz) March 19, 2024
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HIRING DEI EMPLOYEES DOESN'T WORK IN THE AVIATION INDUSTRY!!!!!!!!!!
BOEING'S INCOMPETENT MANAGEMENT ARE TOO STUPID TO UNDERSTAND THIS FACT!!!!!!!!
BOEING'S DECLINING STOCK PRICE IS A REFLECTION OF THIS REALITY!!!!!!!
Airbus CEO says Boeing's problems are bad for whole industry
By: Reuters | March 19, 2024
Airbus AIR takes no pleasure in the technical problems plaguing U.S. rival Boeing BA as they damage the image of the entire aerospace industry, the CEO of the European planemaker said on Tuesday.
"I am not happy with the problems of my competitor. They are not good for the industry a whole," Guillaume Faury told the "Europe 2024" conference in Berlin, when asked about technical problems at Boeing.
"We are in an industry where quality and safety is top priority," he added.
Boeing was rocked in January by a door plug blowout on one of its 737 MAX 9 jets during an Alaska Airlines ALK flight.
Earlier this month, Boeing also told airlines operating 787 Dreamliners to check flight deck switches after a sudden mid-air dive by a LATAM Airlines LTM 787 plane left more than 50 people injured.
French Finance Minister Bruno Le Maire told the same event in Berlin that Airbus was currently in better shape than Boeing.
"I prefer Airbus' situation to that of Boeing," he said.
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And you get marvelous emoticons from an iHub member who has never even posted on the Boeing board (that I can see anyways)!
Where DO these bozo's come from???
Politicians Are Dumping Boeing Stock, Should You?
By: Barchart | March 18, 2024
The Boeing Company BA is one of two major jet producers worldwide, effectively forming a duopoly with Airbus (AIR.FP) - but after another string of incidents involving Boeing's 737 Max fleet, previously grounded for two years over safety concerns due to fatal crashes, investors seem to be losing confidence in this industry titan. While analysts continue to back their bullish ratings on BA stock, here's a closer look at the latest troubles for Boeing, and the politicians who are dumping the blue chip stock.
What's Going On with Boeing Stock?
In early January, Boeing made headlines for all the wrong reasons when the panel blew out of one of its jets mid-flight - an issue that has since been traced back to missing bolts on a door plug. The Department of Justice (DoJ) has now opened a criminal probe into the Alaska Air Group
ALK flight, in part to determine whether Boeing complied with the settlement of a prior investigation into its 737 Max fleet. Previously, the fleet was grounded for two years after a pair of deadly crashes in 2018 and 2019 that left 346 people dead.
Against this backdrop, BA is one of the worst-performing stocks of 2024 among S&P 500 Index SPX components, down more than 31% since the start of the year.
Following the decline, BA is now valued at 1.25x forward sales - a discount to the industrial sector median of 1.46, as well as its own five-year average of 1.67. However, value-minded investors may want to proceed with caution before scooping up the beleaguered blue-chip stock on the current pullback.
Bipartisan Boeing Stock Sales in Congress
Amid news of the DoJ probe into Boeing, it's worth noting that members of Congress have been dumping shares of Boeing, according to recent disclosures - and the selling has been bipartisan in nature.
On Jan. 9, just days after the Alaska Air flight, Rep. Blake Moore (R-Utah) sold BA shares worth up to $15,000, according to Quiver Quantitative data. The Republican sits on the House Budget and Ways & Means Committees.
More recently, on Feb. 28, Rep. Bill Keating (D-Mass.) sold Boeing shares worth up to $15,000. The blue-state representative is a member of the Armed Services and Foreign Affairs Committees.
Inside Boeing's Financials
Along with the new crop of 737 Max safety concerns, Boeing's lack of profitability is another point of concern. Over the past 16 quarters, Boeing has reported profits only once (Q2 2021). Revenues have declined significantly, too, falling from $101 billion in fiscal year 2018 to $77.8 billion in fiscal 2023.
Results for the recently completed Q4 of fiscal 2023, however, surpassed Wall Street's expectations. Boeing reported a Q4 loss of $0.47 per share, which was much improved from the previous year's loss of $1.75 per share, and topped the consensus estimate for a loss of $0.72 per share. Likewise, revenues climbed by 10% to a stronger-than-forecast $22.2 billion.
Free cash flow of $2.95 billion also exceeded the consensus estimate, and 2023 free cash flow of $4.43 billion landed toward the high end of the company's targeted range. Boeing expects to reach free cash flow of $10 billion by 2025-26 - but declined to offer a financial forecast for 2024, with CEO Dave Calhoun asserting that quality is the focus right now.
What Do Analysts Expect for BA Stock?
Despite the serious issues at Boeing, analysts have yet to abandon the stock - perhaps because, along with Airbus, Boeing accounts for roughly 99% of all orders for large aircraft. Moreover, according to market research firm Statista, the global aerospace services market is expected to reach more than $3.6 trillion by 2041.
While the consensus rating on Boeing has dropped from a “Strong Buy” to a “Moderate Buy” over the past month, Goldman Sachs is one of the more prominent firms to back its bullish view on BA. In late January, analyst Noah Poponak upped his price target on the aerospace giant to $268, which implies expected upside of 48.9% to current levels.
Overall, analysts are cautiously optimistic about Boeing stock. Out of 21 analysts covering the shares, 14 have a “Strong Buy” rating, 1 has a “Moderate Buy” rating, and 6 have a “Hold” rating.” The mean target price is $266.22, which denotes an upside potential of about 48% from current levels.
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BA $178.2675 -4.26 (-2.34%) ....CRASHING!!!!!!!!
WHAT A POS!!!!
THAT'S WHAT HAPPENS WHEN EX-STARBUCKS EMPLOYEES ARE HIRED TO BUILD PLANES!!!!!!!!
FROM $267 DOWN TO $182 BOEING'S GROSSLY INCOMPETENT MANAGEMENT IS MAKING SHORT SELLERS MONEY!!!!!!
YES INDEED!!!!!!!!!
SMUG BAGHOLDERS ARE IN DENIAL BOEING HAS MAJOR PROBLEMS!!!!!!!!!
THIS TAINTED STOCK IS GOING ***LOWER***!!!!!!!
"Boeing Whistleblower Found Shot Dead: “If Anything Happens To Me, It’s Not Suicide.’"
WHAT DIRTY SECRETS WERE JOHN BERNET ABOUT TO REVEAL ABOUT THE FLAWED DREAMLINER??????
THE PUBLIC HAS A RIGHT TO KNOW ABOUT SERIOUS SAFETY ISSUES THAT COULD EFFECT THEIR LIVES!!!!!!!
THESE STRANGE EVENTS SURROUNDING BOEING IS ENOUGH TO DETER ANYONE FROM FLYING ON THESE UNSAFE PLANES!!!!!!!!
PUBLIC DISTRUST IN BOEING IS REFLECTED IN ITS DECLINING STOCK PRICE!!!!!!
A BA PRICE DECLINE TO $120 PER SHARE IS NOT UNREASONABLE TO EXPECT UNDER THE CIRCUMSTANCES!!!!!!
Thanks, although I'm sure I will be unmercifully attacked for the post by certain contributors here.
I agree about the seat stops. It's hard to believe that some sort of "switch" or latch on the seat controls would allow such an extreme forward movement as to jam the pilot into the control yoke.
It certainly seems like the majority of these incidents have been caused by the UAL maintenance and pilot group. Scott Kirby (UAL CEO) once again shot his mouth off and should have kept it shut.
Still, that plug door F/U never should have happened. Now that all the evidence in, it is clear that Boeing was indeed responsible for that one. I hope they fired everyone responsible for it and cut their *alls off. They lucked out that the incident happened at the altitude it did, and that no one was sitting in that seat adjacent to it. Still though...Alaska airlines. MMmmmm. I'd like to see what they did to xshoot all the supposed squawks they got in regard to the pressurization system problems that aircraft continually had. And was it an accident that no one was seated next to that fuselage plug, and that that particular aircraft was apparently forbidden to fly ocean routes? Accidents usually happen after a series of mistakes are made. I wonder if Alaska Air didn't try hard enough to find those pressurization anomalies.
We will probably never be allowed to see behind the scenes.
It is inconceivable to me that Boeing could have had anything to do with the death of that whistleblower, but certainly not impossible. I eagerly await the continued investigation of it.
I laugh at most of the posts here. Does Boeing have some quality control issues to address? Yes, it certainly looks as if they are still fighting those issues. But other than the issue with the door plug - an incident in which I might add where there were no fatalities (thank the Good Lord) and no serious injuries?
EVERY SINGLE item that has been highlighted here since that door plug issue can be DIRECTLY blamed on issues with the specific airline maintaining the aircraft, a parts failure (which cannot be anticipated on parts that do not have life limitations) or pilot error.
1. Windshield failure (a somewhat common occurrence). - Parts Issue
2. Flames seen trailing from an engine - caused by an inspection plug which was left off a boroscope inspection port. - Maintenance issue.
3. Hard landings, Landing overshoots. - Pilot Error.
4. Fuel seen coming out from a wheel well - actually re-identified as a hydraulic leak. Almost certainly a maintenance or parts issue (line left loose or possibly a reservoir filler cap left loose?), or a parts failure due to a line splitting or being hit by a foreign object during takeoff.
5. Landing gear collapse on one side. Pilot error - after landing, he taxied into the area adjacent to the taxi way. Gear became stuck and collapsed.
6. Sudden drop in altitude. - Now being reported as the Flight attendant inadvertently actuating some sort of switch located in the cockpit, that forced the pilot into the flight controls. This is what caused the aircraft to descend violently.
So. Almost EVERY incident cited here (other than the door plug issue) was not caused by Boeing or the build process of any Boeing aircraft.
Many here are so very quick to point out these incidents as Boeings fault, when in reality? 90% of the time, Boeing is not at fault at all. And most of you are unwilling to wait for investigation results and the REAL story to come out, when these incidents occur.
BOEING NEEDS TO REPLACE ITS ENTIRE BOD AND FIRE ITS EXECUTIVES, THEY ARE CLEARLY INCOMPETENT AND ARE DESTROYING SHAREHOLDER VALUE!!!!!!!!!!
THEY ARE PUSHING SOME OTHER AGENDA THAN FOR THE BENEFIT OF THE COMPANY!!!!!!!!!
IN FACT, THEY SHOULD BE SUED FOR DAMAGES!!!!!!!!!!
BOEING IS AN EXCELLENT SHORT.... THESE CLOWNS ARE SELF DESTRUCTING!!!!!!!!
"Boeing 737 With 139 Passengers Loses External Panel Mid-Air"!!!!!!!!!!
WHERE IS BOEING FINDING ITS WORKERS??????
BOEING COULD GO BANKRUPT AFTER THEY ARE SUED FOR NEGLIGENCE!!!!!!!!!!!
SELL THIS TOXIC STOCK BEFORE ITS TOO LATE!!!!!!!!!!
Boeing’s problems could soon become your problem
By: CNN news | March 15, 2024
Boeing’s problems aren’t just Boeing’s. They also could spell trouble for your wallet and the broader US economy.
One of America’s biggest manufacturers is dealing with some serious production, quality and safety problems that worsened this week after a 787 Dreamliner plunged suddenly mid-flight, injuring dozens of passengers. It’s not yet clear whether Boeing was to blame, but it came at a horrible time for a company grappling with some severe damage to its already-battered reputation.
Boeing’s crisis could result in more expensive airfares and weaker economic growth, economists say.
The aircraft manufacturer is a massive company with a workforce of more than 140,000 employees around the world, generating tens of billions in revenue each quarter as one of two global players in the production of planes, the other being Airbus.
Boeing’s production alone represents a significant part of America’s economy. But the country – and the world – relies on its planes for travel, business, deliveries and jobs.
Delays in deliveries, which Boeing and several airlines expect as it undergoes an intensive federal investigation of its manufacturing processes, could reduce the number of planes available to Americans and cut into all those economy-boosting benefits its normally provides.
More expensive airfares
Boeing’s mid-flight disasters, most notably an Alaska Airlines 737 Max door plug that blew off the side of the plane shortly after takeoff, clearly mean the company has issues to address.
Boeing has already slowed down production of its popular 737 Max jets as regulators scrutinize the company’s practices, which has already led to fewer flights being scheduled as airlines brace for snags in deliveries. The sharp 6.1% drop in new orders for durable goods in January was largely due to fewer order for Boeing jets.
Boeing reported this week that it shipped a meager 17 Max jets in February, which was half as much the company shipped in December. Southwest and United earlier this week said they expect Boeing to ship them fewer planes than they planned on receiving, so they’ll hire fewer pilots.
Fewer jets could also push up airfares.
“Less supply of airplanes coming online means there’s going to be more demand for flying than capacity is able to fulfill, so that keeps upward pressure on airfares, all else equal,” Kathy Bostjancic, chief economist at Nationwide, told CNN. “We have already seen airfares jump the last few months and it was up 3.6% in February.”
Boeing’s need to address its problems means it likely won’t cut back on hiring, even if demand for its planes weakens.
“I don’t see them trimming labor at a time of serious quality concerns and if anything, Boeing might try to hire more to get the quality issues right,” José Torres, senior economist at Interactive Brokers, told CNN.
Higher labor costs would mean Boeing loses even more money, plunging the company into an even deeper financial hole. That would inflict even further damage to Boeing’s already-beaten down stock price.
Weaker US economic growth and a boon for Airbus
When regulators believed Boeing would halt production of the 737 Max jet in January 2020, after two fatal incidents in 2019 and the subsequent grounding of those jets that year, the New York Fed estimated that the production shutdown could shave 0.4% from US gross domestic product in 2020, the broadest measure of economic output. (Boeing continued to build the 737 Max throughout the crisis).
Then, of course, the pandemic happened, which dealt an even tougher blow to the company, resulting in nearly $12 billion in losses that year.
The New York Fed analysis stated that “Boeing is a large firm that is highly integrated in the domestic production network” and that production stoppages can “have significant effects on the macroeconomy.”
Since Boeing is the single largest US exporter, weaker demand for its planes would means fewer exports, which contribute to GDP growth if they exceed imports — known as “net exports.”
Boeing hasn’t announced that it will stop producing any of its aircraft outright, but its plans to increase production of the 737 Max are on hold as the Federal Aviation Administration awaits for the company’s plan on how to end its continued quality issues.
And Boeing’s years of problems have led to success for its French rival Airbus, which has overtaken Boeing as the world’s largest aircraft manufacturer.
It’s not easy for airlines to switch manufacturers overnight, but the trend is clearly pointing in Airbus’ favor, and if US imports of Airbus planes for domestic carriers pick up as Boeing indeed suffers weaker demand, that would then weigh on America’s GDP.
“The declining demand of plane orders by airlines for Boeing aircrafts might just get directed towards Airbus instead, and doesn’t just disappear,” Lisa Simon, chief economist at Revelio Labs, wrote in a statement to CNN.
She added that “this whole fiasco absolutely will likely have adverse effects on the aircraft manufacturing sector in the US” and that it would be “good for the European market.”
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OCTOBER 12, 2021: "Boeing will require its 125,000 U.S. employees to be vaccinated against COVID-19"
NOW BOEING IS SHORT OF SKILLED WORKERS...... DO YOU THINK POSSIBLY THERE IS A LINK??????????
.... JUST POSSIBLY????????????
BOEING'S STOCK PRICE CONTINUES TO FALL!!!!!!!!!
BOEING SHOULD BE SUED AND FINED FOR HIRING UNQUALIFIED WORKERS!!!!!!!
MANAGEMENT SHOULD BE HELD LIABLE!!!!!!!!
CRIMINAL NEGLIGENCE!!!!!!
PUBLIC TRUST IN BOEING IS BEING DESTROYED AND NOW ITS STOCK PRICE IS SUFFERING AS A RESULT!!!!!!!!!
DEI POLICY IS VERY BAD FOR THE AVIATION INDUSTRY!!!!!!!!!!!
BOEING IS PROVING THIS!!!!!!!!!
SO WHAT HAPPENED TO BOEING'S LONG TIME EXPERIENCED SKILLED WORKERS?????
DOES ANYONE KNOW??????
REMEMBER THIS:
"Boeing will require its 125,000 U.S. employees to be vaccinated against COVID-19"
https://www.reuters.com/business/aerospace-defense/boeing-will-require-its-125000-us-employees-be-vaccinated-against-covid-19-2021-10-12/
Boeing's Jet Production's Indirect Approval May Be Halted if Needed, European Regulator Says
By: Market Chatter | March 14, 2024
Boeing's BA jet production's indirect approval may be halted by the European Union Aviation Safety Agency if needed, Reuters reported Wednesday, citing Luc Tytgat, the regulator's acting executive director.
"All the tools must be implementable as soon as we see the justification or situation that requires us to take appropriate measures," Reuters quoted Tytgat as saying in an interview.
The decision may come if "more fatal accidents" take place in the future, however, there is no immediate threat to the planemaker's production certification, the report added, citing Tytgat.
Boeing declined MT Newswires' request for comment.
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'Short Sell' Boeing, Some Redditors Say But For Others It's 'Time To Buy'
By: Benzinga | March 14, 2024
Lately, there’s been a lot of complexity and controversy surrounding aerospace giant Boeing Co BA due to safety concerns.
Recent discussions on the r/stocks subreddit, sparked by user KDI777’s post titled “Short Sell Boeing,” shed light on the multifaceted landscape that Boeing investors find themselves navigating.
Short Sell Boeing
byu/KDI777 instocks
Shareholder Interest At The Expense Of Passenger Safety
KDI777’s call to start shorting and selling Boeing stock resonated with many, citing concerns that the company prioritizes shareholder interests at the expense of passenger safety.
The sentiment is stark: “They compromise their passengers for the benefit of their stockholders.” This accusation strikes at the heart of a company that has long been regarded as a cornerstone of the aerospace industry.
However, responses from fellow Redditors provide a nuanced perspective on Boeing’s financial performance and strategic importance.
User get_MEAN_yall points out that Boeing’s stock hasn’t been a stellar performer, suggesting that the alleged prioritization of shareholders hasn’t necessarily translated into strong returns. Meanwhile, rub3s highlights the enduring presence of Boeing in the industry, indicating that despite its recent struggles, the company remains a formidable player.
Yet, concerns persist.
Boeing Financial Health Raises Eyebrows
Key-Tie2542 delves into Boeing’s financials, revealing a troubling picture of negative book value, negative earnings, and substantial debt. Despite its critical role in national security and its close ties to government agencies, Boeing’s financial health raises eyebrows among investors.
BlueCollar-Bachelor brings attention to Boeing’s involvement in military contracts, emphasizing its strategic importance beyond commercial aviation. This dual role as a defense contractor adds another layer of complexity to Boeing’s financial outlook, with certain aspects of its operations classified for national security reasons.
Strategic Significance Lends Resilience
User jlawso21 offers a sobering reminder of Boeing’s resilience despite its challenges. As one of only two major players in the airliner market – the other being Airbus SE – Boeing holds a unique position that extends far beyond financial metrics. Its strategic significance for both the economy and national defense underscores its enduring presence in the market.
The discourse surrounding Boeing on r/stocks reflects the intricate balance investors must strike between financial considerations, ethical concerns, and geopolitical realities.
While short-term strategies may hold appeal for some, the long-term outlook for Boeing remains intertwined with broader industry dynamics and global security imperatives. As investors weigh their options, they must navigate these complexities with caution and foresight, recognizing that the skies ahead may be turbulent, but opportunities for growth and stability still abound.
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"Boeing "Overwrote" Camera Footage Of Work On MAX Jet Door That Blew Out, Can Not Identify Employee Who Worked On It"
Just when you thought it couldn't get any more bizarre or surreal, the Boeing story did just that.
As previously reported, the aerospace giant has been under regulatory scrutiny following a string of safety-related incidents since the beginning of the year (really, since 2019 when two of its 737 MAXes fell out of the sky like overpriced deadly paperweight, but let's just skip to the latest snafu), starting with a door blowing off a flight and continuing with multiple other incidents, including a cracked cockpit window, bolts missing on a wing, various wheels falling off during takeoff in at least two incidents and several engine fires/failures.
And as the pressure ratchets up on Boeing, it's becoming increasingly obvious that management is running the same type of interference it did during the infamous MCAS scandal and ensuing cover-up attempt which cost former CEO Muilenburg his job. Sure enough, on Wednesday we learned that Boeing - in a pure coincidence that Jeffrey Epstein would approve of - "overwrote", i.e. deleted, security camera footage showing work being done on a door that blew out on the Alaska Airlines MAX jet in January.
It's not just the footage however: NTSB Chair Jennifer Homendy said it is unclear "who performed the work to open, reinstall, and close the door plug on the accident aircraft," as Boeing is "unable to find the records documenting this work." In Homendy's letter, she writes that despite requests to Boeing and interviews at the Renton, Washington factory where the panel was removed, the identity of the crew member that worked on the panel remains unknown and has would be unable to "provide a statement or interview to NTSB due to medical issues."
It gets crazier: in her letter, NTSB Chair Jennifer Homendy said she directly appealed to Boeing CEO Dave Calhoun for information on who worked on the faulty door plug, expressing frustration over Boeing's claim of missing records and security footage. Even then, Boeing merely stonewalled and said it was "unable to provide that information and maintained that Boeing has no records of the work being performed."
Finally, the epic culmination - at least so far - of the shitstorm that has engulfed Boeing, we noted yesterday that a key whistleblower, a former quality control manager at the company who raised concerns about the firm's production standards, was found dead from an apparent suicide.
John Barnett, a former veteran Boeing employee of 32 years, passed away from a self-inflicted wound on March 9, the BBC reported on Monday evening. Barnett was involved in a whistleblower lawsuit against Boeing, alleging serious safety concerns at the North Charleston plant, where he managed quality for the 787 Dreamliner production. Boeing was in Charleston for legal interviews related to the lawsuit when he was found dead.
He claimed the push for speed compromised safety, with sub-standard parts being used and a significant failure rate in emergency oxygen systems. Despite raising these issues, he felt his concerns were disregarded, leading to legal action against Boeing, alleging career damage due to his whistleblowing.
Meanwhile, what would a catastrophe in a company near and dear to the government - and of course, the deep state - be without questionable trading surrounding the incident in Congress? In filings reported on Wednesday, it was revealed that Congressman William R. Keating sold somewhere between $1,001 and $15,000 worth of Boeing shares on February 28.
He's the latest Congress critter to have "excellent timing" when it comes to stock trades: while it isn't Fed Governor Raphael Bostic selling massive S&P futures lots ahead of Fed minutes dropping, the sale took place the day before it was announced that the DOJ was investigating Boeing. Recall, on February 29, Bloomberg wrote that the DOJ was "looking into" the Boeing door plug blowout that took place earlier that month. Since his sale, Boeing's stock value has tumbled by about 11%.
In any case, between Barnett who "suicided" himself, and now the video footage which also also apparently was "accidentally" snuffed out, we wonder just who is next on the Epstein escalator of "not suiciding themselves" at Boeing?
Congressman Keating sold Boeing $BA stock the same day/day before it was reported that DOJ was investigating Boeing. TheJusticeDept please also investigate if this trade was made on non-public information, given USRepKeating sits on the Armed Services Committee.
By: congresstrading | March 13, 2024
• Congressman Keating sold Boeing $BA stock the same day/day before it was reported that DOJ was investigating Boeing. @TheJusticeDept
please also investigate if this trade was made on non-public information, given @USRepKeating
sits on the Armed Services Committee.
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Boeing $BA with an absolutely horrendous 2024 so far! Down almost 30% year-to-date
By: Barchart | March 13, 2024
• Boeing $BA with an absolutely horrendous 2024 so far! Down almost 30% year-to-date.
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John Barnett, who worked for Boeing for more than three decades before blowing the whistle on the aircraft maker’s allegedly questionable safety standards, was found dead in his car in South Carolina.
Barnett, 62, was supposed to be in a deposition Saturday to answer questions related to a lawsuit against his former employer when he failed to show up to the meeting. His legal team tried to reach him by phone to no avail, until they contacted the hotel where Barnett was staying.
He was found dead in his truck in the hotel parking lot.
The Charleston County Coroner’s Office told local media that it appears Barnett died from a self-inflicted wound. The Charleston Police Department is investigating his death.
Barnett, originally from Louisiana, was in Charleston for legal interviews related to his case against Boeing, in which he argued that his former employer retaliated against him for raising concerns about the safety of the airplanes produced at its Charleston manufacturing plant.
“Today is a tragic day,” Brian Knowles, Barnett’s lawyer, wrote in an email to Corporate Crime Reporter. “John had been back and forth for quite some time getting prepared. The defense examined him for their allowed seven hours under the rules on Thursday. I cross examined him all day yesterday (Friday) and did not finish. We agreed to continue this morning (Saturday) at 10 a.m., (co-counsel) Rob (Turkewitz) kept calling this morning and (Barnett’s) phone would go to voicemail. We then asked the hotel to check on him. They found him in his truck dead from an ‘alleged’ self-inflicted gunshot.”
Barnett worked at Boeing for 32 years as a quality control engineer before retiring in 2017.
In 2019, along with a dozen other workers, Barnett told the New York Times that, facing manufacturing delays, Boeing pushed its workforce at the Charleston plant to churn out Dreamliners and ignore safety issues.
Barnett said at the time that he had discovered clusters of metal shavings hanging over wiring that commanded the flight controls in several planes. The metal shavings were apparently produced when fasteners were fitted into nuts, but if the shavings pierced the wires, the results would be “catastrophic.”
Barnett said he repeatedly urged his bosses to remove the shavings but they refused and moved Barnett to a different part of the Charleston plant.
A spokesperson for the Federal Aviation Administration (FAA) confirmed to the New York Times that it had inspected several Boeing planes and found the metal shavings, which can lead to electrical shorts and cause fires. The FAA issued a directive to have the shavings cleaned up and Boeing said at the time it was complying with the order and working to improve the design of the nut that produced the metal slivers.
Later in 2019, Barnett raised another safety concern, this time with the BBC. He said that procedures to track defective parts had failed, resulting in some sub-standard parts being fitted to planes to speed up manufacturing time.
He claimed that tests of the emergency oxygen systems on some planes had shown a failure rate of around 25 per cent, meaning that one in four oxygen masks deployed in the event of an emergency could fail.
Boeing denied the claims but the FAA found that at least 53 defective parts in the factory had gone missing and were considered lost. Boeing was ordered to take remedial actions following the report.
Barnett launched his own lawsuit against Boeing, accusing the company of defaming his character and hindering his career because of the safety issues he raised. This was the lawsuit Barnett was pursuing when he died.
In recent months, Boeing has consistently been in the headlines after a series of high-profile accidents.
In January, a door plug failed on a Boeing 737 Max 9 plane, resulting in a door panel blowing off the fuselage mid-flight. The blowout was linked to loose bolts and the FAA grounded all Boeing 737 Max 9 planes with a door plug shortly after the incident.
On Monday, 50 people were injured onboard a Boeing 787 plane after a “strong shake” and sudden plunge caused people to be thrown from their seats and hit the plane’s ceiling during a flight from Australia.
The cause of the “technical event” is still under investigation.
...
THE ORIGINAL ARTICLE IS NO LONGER ACCESSIBLE!!!!!!..... JOHN BARNETT WAS OBVIOUSLY SNUFFED OUT!!!!!!!!
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