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Boeing DC participants take hit on stock drop

Shares of Boeing fell about 7.8% by midday Tuesday after the second crash of one of its 737 Max 8 jetliners spooked customers, carriers and regulators of the plane from flying it. A crash involving a Ethiopian Airlines 737 Max 8 killed 157 people Sunday in Ethiopia.

According to its most recent 11-K filing from December 2017, the company held about $10 billion in company stock in its $59.7 billion defined contribution plan, or 16.8%. Until recently, that position worked out well for plan participants who, after an up and down 2018, saw the stock reach a historical high of $440.62 per share on March 1. By midday Tuesday, the company’s DC participants lost about $982 million since the prior day’s close, using 2017 filing data as an estimate base.

Boeing was the high flier of the Dow Jones industrial average last month, rising 36.4% through the end of February.