New errors with RTX Corp.’s Pratt & Whitney jet engines pushed the aviation and defense giant from its perch as the world’s most valuable aerospace company on Tuesday, losing $15 billion in market capitalization over the course of the trading day.
(Bloomberg) — New errors with RTX Corp.’s Pratt & Whitney jet engines pushed the aviation and defense giant from its perch as the world’s most valuable aerospace company on Tuesday, losing $15 billion in market capitalization over the course of the trading day.
The company, which recently changed its name from Raytheon Technologies Corp., disclosed new quality glitches on Tuesday affecting about 1,200 of its engines. These engines power about 40% of Airbus SE’s top-selling A320neo jetliners.
Read More: RTX Slumps as Engines on Top-Selling Jet Show New Flaws
RTX shares tumbled more than 10%, leaving it with a value of about $126.78 billion.
That placed the company narrowly behind rival jet-engine manufacturer General Electric Co.’s $127.51 billion market value. GE shares have surged nearly 80% this year through Tuesday’s close, including a roughly 6% gain Tuesday after raising its full-year financial targets.
The shakeup also anointed a new, $128.81 billion head honcho: Boeing Co.
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