Boeing Stock Trends On Stocktwits After South Korea Plans Inspection Of All B737-800 Aircraft Used By Domestic Airlines

Shares of Boeing (BA) were down nearly 3% in Monday’s pre-market session after a Financial Times report indicated South Korea intends to inspect all B737-800 Boeing aircraft of its domestic airlines amidst the deadly crash of a Jeju Air flight on Sunday.

The crash killed 179 people of the 181 passengers on board in what is seen as the nation’s worst aviation disaster.

The report further cited Jeju Air saying another B737-800 aircraft operated by the airline returned to Gimpo domestic airport following a warning message about its landing gear.

“We are looking to first conduct a special safety inspection of B737-800 Boeing aircraft in operation,” a transport ministry official said, according to the FT report. “We will check their operating ratios and if airlines are abiding by safety rules including regular maintenance before and after flights.”

Following the developments, Boeing’s stock became the top trending ticker on Stocktwits on Monday morning. Retail sentiment continued to trend in the ‘extremely bearish’ territory (12/100), supported by extremely high retail chatter.

Retail chatter, however, reflected mixed opinions on the stock despite the negative news.

One user believes the current price drop has led to an opportunity to buy more of the stock.

Another believes the stock is likely to recover on Monday.

However, some users projected a negative take on the stock.

Interestingly, Wolfe Research said that aside from the name association of being a Boeing 737, the crash of the Jeju Air flight should have no read-through to Boeing's (BA) stock and the firm’s struggles to increase its production of the 737 MAX.

"That said, commercial aerospace's infrequent but sometimes catastrophic accidents are a reminder of the unique headline risk to aircraft makers," said Wolfe, according to TheFly.

Notably, Boeing stock has lost over 28% since the beginning of the year.

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