Here's Why Shares in Spirit AeroSystems Declined This Week
Shares in Boeing (NYSE: BA) supplier Spirit AeroSystems (NYSE: SPR) declined by 13.6% this week through Friday morning. The decline comes in a difficult week for both companies, as Boeing's customer Southwest Airlines told investors it plans to reduce capacity in light of delivery delays on Boeing planes. That raises questions over customers' willingness to order more Boeing planes, and that's not good for fuselage maker Spirit AeroSystems.
In addition, an article in the New York Times claimed that Boeing failed 33 of 89 audits during a Federal Aviation Administration (FAA) examination, with Spirit failing seven of 13 audits.
The developments put further pressure on the two companies, and investors may have decided to bail on Spirit stock after buying into it following the news that Boeing was discussing "making Spirit AeroSystems a part of Boeing again."
Source Fool.com
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