Why Delta's Ultra-Cheap Used 777 Jet Wiped Out Boeing Stock Gain
- Airline says it has preliminary agreement to pay $7.7 million
- CEO's tweet follows tussle with planemaker over jet value
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Boeing Co. fell after Delta Air Lines Inc. revealed it is purchasing a used 777 jetliner for $7.7 million, reviving concerns that plunging values for some wide-body models signal that the market is glutted.
Delta Chief Executive Officer Richard Anderson has sparred with the planemaker, analysts and lessors over the values for decade-old 777-200 family jets, a version of Boeing’s best-selling twin-aisle model. Anderson said in October that Delta had been offered the jets for as little as $10 million, and said later that the proposal came from Boeing.