Boeing shares fell to more than a three-year low Wednesday as aerospace stocks were rattled by uncertainty over the prospects of one of the industry's leading airplane lessors.
Boeing shares fell to more than a three-year low today as aerospace stocks were rattled by uncertainty over the prospects of one of the industry’s leading airplane lessors.
Boeing closed down $4.72. or 7.6 percent, at $57, after reaching a low of $56.43 a share. The last time Boeing shares traded that low was in April 2005.
The S&P 500 index of large U.S. stocks, of which Boeing is a member, closed down 4.7 percent.
International Lease Finance Corp., Boeing’s biggest customer, is a unit of AIG, the financial conglomerate that was effectively taken over Tuesday with an $85 billion rescue by the federal government. AIG is expected to sell off assets, and ILFC is considered one of the most attractive.
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Steven Udvar-Hazy, the unit’s founder, may try to buy back the business from AIG, The Wall Street Journal reported Tuesday night.