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.

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