Boeing Shares Tumble as Wells Fargo Cuts to Rare Bearish View

Boeing shares plunged more than 10%

Boeing shares plunged more than 10% in premarket trading on Tuesday after Wells Fargo downgraded the stock to "underperform" from "equal weight."

Wells Fargo cited concerns about the 737 MAX grounding

Wells Fargo cited concerns about the ongoing grounding of the 737 MAX, as well as the company's overall financial performance.

The downgrade comes as Boeing faces increasing pressure from regulators and lawmakers over the 737 MAX grounding, which has now lasted for more than a year.

Boeing has been under scrutiny since two fatal crashes

Boeing has been under intense scrutiny since two fatal crashes of the 737 MAX in Indonesia and Ethiopia killed 346 people.

The crashes have led to the grounding of the 737 MAX worldwide, and have raised questions about the safety of Boeing's design and manufacturing processes.

Wells Fargo is not the only bank to downgrade Boeing

Wells Fargo is not the only bank to downgrade Boeing in recent weeks.

Goldman Sachs downgraded Boeing to "neutral" from "buy" last week, citing concerns about the 737 MAX grounding and the company's overall financial performance.

Boeing has lost more than $50 billion in market value

Boeing has lost more than $50 billion in market value since the 737 MAX was grounded in March 2019.

The company has also been forced to pay billions of dollars in compensation to airlines and families of the victims of the two crashes.

Boeing is facing a number of challenges

Boeing is facing a number of challenges, including the 737 MAX grounding, the COVID-19 pandemic, and increasing competition from Airbus.

The company is also facing pressure from regulators and lawmakers to improve its safety and manufacturing processes.

The future of Boeing is uncertain

The future of Boeing is uncertain.

The company is facing a number of challenges, and it is unclear when the 737 MAX will be recertified to fly.

However, Boeing remains a major player in the aerospace industry, and it is likely that the company will eventually overcome its current challenges.