Boeing (NYSE:BA) is Monday's biggest Dow Jones decliner, -6.7% to its lowest level in nearly two years, as stocks extend last week's selloff with investors growing increasingly jittery about the Fed's ability to tighten financial conditions to fight inflation at 40-year highs without knocking the economy into a recession.
Boeing's (BA) price return shows the stock plunging by a third so far this year and 40% during the past year.
The company even reported a bit of positive news, as Lufthansa (OTCQX:DLAKY) ordered seven 777-8 freighters for its cargo subsidiary.
AerCap (NYSE:AER) CEO Aengus Kelly defended Boeing (BA) at the Airline Economics conference in Dublin, saying the company will "bounce back" from a myriad of industrial and certification problems, according to Reuters.
"Clearly Boeing has got its own issues, but Boeing is a tremendous company that's helped build the world for the last 100 years and I would never write them off, they still build great airplanes," said Kelly, whose company is one of Boeing's (BA) largest customers.
Kelly also said he was a strong believer in Boeing's (BA) 737 MAX, which he said was attracting robust demand.
The CEO of smaller AerCap rival Avolon said last week that Boeing had lost its way and needed to fundamentally reevaluate its strategic relevance, and Air Lease executive chairman Steven Udvar-Hazy said earlier on Monday that the Boeing 777X jetliner project was at risk in light of the latest delays.