Spirit AeroSystems stock surges after production support agreement with Boeing in wake of quality issues with the 737 Max

Shares of Spirit AeroSystems Holdings Inc.
SPR,
+0.88%
climbed 7.2% in premarket trading Wednesday, after the aircraft components maker said it reached an agreement with Boeing Co.
BA,
+0.36%
to support production stability. Boeing’s stock edged up 0.1%. The agreement comes after the companies disclosed in August quality issues with the Boeing 737 Max aircraft that led to delivery delays. The companies said the agreement reached Wednesday enables greater collaboration to improve quality and boost deliveries. “Our collective teams will focus on further generating supply chain performance and resiliency,” said Spirit Chief Executive Patrick Shanahan. “This united effort to synchronize our production systems will enable greater market responsiveness and delivery assurance.” Spirit’s stock has plunged 39.8% over the past three months through Tuesday and Boeing shares have shed 12.3%, while the S&P 500
SPX,
-0.01%
has lost 4%.