Boeing closed at $422.54 per share on Friday. However, the stock traded around $385 on Monday after an Ethiopian Airlines flight crashed on Sunday, killing all 157 people on board.
The plane used on the flight was a 737 MAX 8 jet, one of Boeing’s top-selling airplanes. The crash raised concern over the model’s safety as it comes less than six months after another deadly crash involving the 737 MAX 8. Several countries, including China and Indonesia, grounded all flights involving the aircraft.
“We anticipate heightened volatility in Boeing shares,” said Morgan Stanley analyst Rajeev Lalwani in a note to clients. “Though it is early to draw conclusions, there may be concerns of disruption around safety, production, groundings, and/or costs, all of which should be manageable longer-term.”
—CNBC’s Michael Bloom contributed to this report.
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