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TGI - Why Boeing Triumph Group and Spirit AeroSystems Stocks All Dropped Sharply on Wednesday
Triumph Group Inc.
Shareholders of Boeing (NYSE: BA) probably expected a big boost to their stock price on Wednesday, after Reuters reported that the 737 MAX is set for a certification test flight for the Federal Aviation Administration later this month.
Instead, Boeing stock tumbled 6.2% on the day, taking its parts suppliers Spirit AeroSystems Holdings(NYSE: SPR) and Triumph Group (NYSE: TGI) with it. Spirit was off a Boeing-like 6.9%, and Triumph Group was down 13.6%.