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(GE) will redesign the new GE9x jet engine for the newest Boeing (BA) 777 plane, further delaying its maiden flight. GE stock fell while Boeing stock rose.XAccording to GE Aviation chief David Joyce, the firm has found unexpected wear in a part for its colossal new engine, which it's now redesigning and testing."There is a (stationary) component in the front of the compressor which is wearing prematurely," Reuters quoted Joyce as saying at the Paris Air Show.GE9X General
Manager Ted Ingling had said earlier that the engine issue is a mechanical one tied to the engine's compressor, rather than an aerodynamic issue affecting the engine's performance.GE expects the first flight of the new Boeing 777X to take place sometime this year. Boeing was expected to conduct the maiden flight of the world's largest twin-engined jetliner this month, until reports of GE9x problems threw that target into doubt.Meanwhile the GE9x debuted at the 2019 Paris Air Show Monday, with GE Aviation calling it "top of the list" of milestones and deals. The GE9X has now received more than 700 orders. Meanwhile, the next-generation Leap engine has reached a record 17,000-plus orders, with GE on pace to deliver more than 1,800 Leap engines this year.GE Stock Forms A Base With FlawsShares of General Electric closed down 1.8% at 10.05 on the stock market today, holding above the 50-day and 200-day moving averages. While shares are forming a base with a potential 11.85 buy point, the entry is well below prior highs. Fellow Boeing jet engine supplier United Technologies (UTX) shed 0.9%, while the Dow Jones
Industrial Average nudged up 0.1%.Boeing stock gained 2.2% but also remains mired below a downward-sloping 50-day line. Shares have trended lower since late April when the Dow Jones aviation giant revealed $1 billion in costs tied to the troubled Boeing 737 Max.The relative strength line for GE stock has been moving sideways since February, a sign it's neither leading nor lagging the market. The RS line, shown in blue below, tracks performance against the S&P 500.The Industrial Select Sector SPDR ETF (XLI) lost 0.3%, and the Vanguard Industrial ETF (VIS) dipped 0.4% Monday.GE Aviation Eyes Huge China OrderOn June 6, Boeing CFO Greg Smith revealed "challenges" tied to the General Electric GE9X engine issue in New York.The GE engine issue could weigh on Boeing's sale of 100 twin-aisle Boeing 787 or 777 jets to China, a deal potentially worth $30 billion.Troubles in GE's "crown jewel" aviation segment come even as CEO Larry Culp accelerates efforts to return its power segment to profitability.General Electric's power unit has dragged on recent earnings.Find Aparna Narayanan on Twitter at @IBD_ANarayanan.YOU ALSO MIGHT LIKE:Is GE Stock A Buy Right Now? Here's What Earnings, Chart Say5 Top Stocks Nearing Buy Points With This Bullish Base TraitBreakout Watch: 43 Funds With A+ Rating Own This No. 1-Ranked StockWant To Get Quick Profits And Avoid Big Losses? Try SwingTraderThe post General Electric Has Big Headache Tied To Biggest Jet Engine Ever appeared first on Investor's Business Daily. Weiter zum vollständigen Artikel bei "Investors Business Daily"
Quelle: Investors Business Daily