By Shares of AAR Corp. (AIR) were down 2.7% in afternoon trading, bouncing back from earlier losses of up to 8.3%. The aviation services provider clarified that it had no part in the incident that led to the grounding of some Boeing Co.’s (BA) 737 Max 9 planes, specifically the Alaska Air Group Inc.’s (ALK) flight. This news comes as AAR Corp.’s stock heads for its eighth-straight loss, marking its longest such streak since June 2016.
A company statement from AAR Corp. affirmed that they did not perform any work on or near the mid-cabin exit door plug of the specific aircraft in question. Rather, they were contracted by Alaska Airlines for a 2KU Modification (Wi-Fi modification) between November 27 and December 7, 2023.
As of now, AAR’s stock is heading for its lowest close since October 30 and has experienced a decline of 1.9% over the past three months. In contrast, the S&P 500 has seen a gain of 9.9% during the same period.
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