AAR’s stock bounces off lows after saying it had no part in the Alaska Airlines Boeing 737 Max 9 incident

Shares of AAR Corp.
AIR,
-1.57%
were down 2.7% in afternoon trading, but pared earlier losses of as much as 8.3%, after the provider of aviation services said it had no part in the incident on the Alaska Air Group Inc.’s
ALK,
-0.03%
flight that led to the grounding of some Boeing Co.’s
BA,
+1.24%
737 Max 9 planes. Still, the stock was headed for its eighth-straight loss, which would be the longest such streak since the eight-session stretch that ended June 16, 2016. “AAR did not perform any work on or near any mid-cabin exit door plug of that specific aircraft,” the company said in a statement. “AAR was contracted by Alaska Airlines to perform a 2KU Modification (Wi-Fi modification) on the aircraft that was performed from November 27 to December 7, 2023.” AAR’s stock, which were headed for the lowest close since Oct. 30, have now slipped 1.9% over the past three months, while the S&P 500
SPX,
+0.08%
has gained 9.9%.