- Boeing (BA -2.2%) is the Dow's biggest decliner thanks mostly to the latest production setback for the 787 Dreamliner as hairline cracks were discovered in the wings of ~40 of the company's newest jets; the presumed crash of the Malaysian airliner made by Boeing and the emergency landing of a 787 in Hawaii during the weekend aren't helping.
- Shares have corrected ~13% since their Jan. 17 high, and some analysts think the move has gone too far; the 787 is "the best international plane ever built - it's got an impeccable track record after 20 years and over 1,200 deliveries," says one.
- Sterne Agee cuts its Q1 delivery assumption by 16 aircraft to 148 reflecting 10 fewer 787 deliveries and cuts its Q1 revenue assumption by $1.8B to $19.6B, but does not change its annual delivery assumption of 722 aircraft or its 2014 EPS estimate of $7.40; the firm says significant upside remains in BA in 2014 and would take advantage if shares are weak given the headlines.
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