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Boeing stock tumbles after fire on 787 Dreamliner

July 13, 2013 • Business


CORRECTING THE SPELLING OF SHEBA General view of the Air Ethiopian Boeing 787 Dreamliner ‘Queen of Sheba’ aeroplane, on the runway near Terminal 3, at Heathrow Airport, London, Friday July 12, 2013. Two Boeing 787 Dreamliner planes ran into trouble in England on Friday, with a fire on one temporarily shutting down Heathrow Airport and an unspecified technical issue forcing another to turn back to Manchester Airport. The incidents are unwelcome news for Chicago-based Boeing Co., whose Dreamliners were cleared to fly again in April after a four-month grounding due to concerns about overheating batteries. The fire at Heathrow involved an empty Ethiopian Airlines plane, which was parked at a remote stand of the airport after arriving at the airport. British police said the fire is being treated as unexplained, and that there were no passengers on board at the time of the fire. (AP Photo/ Anthony Devlin/PA) UNITED KINGDOM OUT

LONDON (AP) — A fire aboard an empty 787 at Heathrow Airport spooked Boeing investors Friday, as they feared the re-emergence of battery problems that grounded the plane for months earlier this year.

Boeing shares lost $5.01, or 4.7 percent, to $101.87. At its peak, the selling knocked off $7.89 a share, or $6 billion of market value. The stock recovered slightly as speculation about the cause of the fire shifted away from the batteries.

The cause of the fire on the Ethiopian Airlines plane — which broke out more than 8 hours after it had landed in London — remained under investigation. The location of the fire led some experts to surmise it wasn’t the planes lithium-ion batteries.

Meanwhile, an unspecified mechanical issue caused another 787 flown by Thomson Airways to return to Manchester Airport, adding to concerns about the plane.

Runways at Heathrow were shut down for nearly an hour as emergency crews Login to read more

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