Why Airbus (EADSY) Stock Is Slumping Today

NEW YORK (TheStreet) -- Shares of Airbus Group  (EADSY) are down -2.61% to $17.70 after the aircraft manufacturer had a $16 billion order for 70 of its A350 cancelled by Dubai's Emirates which also affected the shares of Roll-Royce (RYCEY), which fell -2.37% to $89.

Airbus suffered what could be the jet industry's worst cancellation and a setback to its newest aircraft, Reuters reported, saying the surprise decision by Airbus's largest customer order comes months before the long-haul jet is due to enter service and removes 9% of the order backlog for the jet, which took eight years and $15 billion to develop.

Must Read: Warren Buffett's 25 Favorite Growth Stocks

 
EADSY Chart

EADSY data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Dow Skids and Stocks Fall Hard as Earnings Disappoint, Caterpillar Tumbles

Dow Skids and Stocks Fall Hard as Earnings Disappoint, Caterpillar Tumbles

Caterpillar Bulldozes Industrial Sector With Bad News on Earnings Call

Caterpillar Bulldozes Industrial Sector With Bad News on Earnings Call

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Eli Lilly CEO Expresses Confidence in New Rheumatoid Arthritis Drug

Eli Lilly CEO Expresses Confidence in New Rheumatoid Arthritis Drug

Video: Jim Cramer on Rising Interest Rates, Trade Worries & Caterpillar

Video: Jim Cramer on Rising Interest Rates, Trade Worries & Caterpillar