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Boeing Co (NYSE: BA) shares are down over 11 percent on Thursday morning amid a Bloomberg report noting the company faces a potential SEC probe over its accounting practices.
MarketWatch notes the double-digit percentage point drop would be Boeing's biggest one-day move down since going public in 1972.
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Shortly after word of the Bloomberg report began circulating, Boeing shares fell below a key intermediate-term level just above $115 per share. The stock tested this level in late August 2015, but ultimately didn't fall below that point.
Since breaking this support, Boeing is down near the $103 level. The next key level to watch is the $100 area, which shares tested in mid-2013 before breaking above that level for the better part of the next two years.
A Dow 30 component, Boeing's decline is dragging the overall index down over 2 percent on the day. The S&P has fallen by a similar amount, while the NASDAQ is off 1.5 percent.
Of note, Buckingham Research reiterated an Underperform on the stock Thursday morning with a $108 price target. The firm's thesis did not include any specific outlook related to regulation, but cited below-consensus free cash flow and pricing pressure as key catalysts for a downward move.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.