Boeing and GE Dethrone RTX as Most Valuable Aerospace Company

(Bloomberg) — New errors with RTX Corp.’s Pratt & Whitney jet engines pushed the aviation and defense giant from its perch as the world’s most valuable aerospace company on Tuesday, losing $15 billion in market capitalization over the course of the trading day.

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The company, which recently changed its name from Raytheon Technologies Corp., disclosed new quality glitches on Tuesday affecting about 1,200 of its engines. These engines power about 40% of Airbus SE’s top-selling A320neo jetliners.

Read More: RTX Slumps as Engines on Top-Selling Jet Show New Flaws

RTX shares tumbled more than 10%, leaving it with a value of about $126.78 billion.

That placed the company narrowly behind rival jet-engine manufacturer General Electric Co.’s $127.51 billion market value. GE shares have surged nearly 80% this year through Tuesday’s close, including a roughly 6% gain Tuesday after raising its full-year financial targets.

The shakeup also anointed a new, $128.81 billion head honcho: Boeing Co.

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