AAR's stock bounces off lows after saying it had no part in the Alaska Airlines Boeing 737 Max 9 incident

Shares of AAR Corp. (AIR) were down 2.7% in afternoon trading, but pared earlier losses of as much as 8.3%, after the provider of aviation services said it had no part in the incident on the Alaska Air Group Inc.'s (ALK) flight that led to the grounding of some Boeing Co.'s (BA) 737 Max 9 planes. Still, the stock was headed for its eighth-straight loss, which would be the longest such streak since the eight-session stretch that ended June 16, 2016. "AAR did not perform any work on or near any mid-cabin exit door plug of that specific aircraft," the company said in a statement. "AAR was contracted by Alaska Airlines to perform a 2KU Modification (Wi-Fi modification) on the aircraft that was performed from November 27 to December 7, 2023." AAR's stock, which were headed for the lowest close since Oct. 30, have now slipped 1.9% over the past three months, while the S&P 500 has gained 9.9%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

01-08-24 1350ET

Copyright (c) 2024 Dow Jones & Company, Inc.