Boeing Co BA 9.77% shares were down over 11 percent on Thursday morning amid a Bloomberg report noting the company faces a potential SEC probe over its accounting practices.
MarketWatch notes the dollar change per share drop would be Boeing’s biggest one-day move down since going public in 1972.
Shortly after word of the Bloomberg report began circulating, Boeing shares fell below a key intermediate-term level just above $115 per share. The stock tested this level in late August 2015, but ultimately didn’t fall below that point.
Since breaking this support, Boeing is down near the $103 level. The next key support to watch is the $100 area, which shares tested in mid-2013 before breaking above that level for the better part of the next two years.
A Dow 30 component, Boeing’s decline is dragging the overall index down over 2 percent on the day. The S&P has fallen by a similar amount, while the NASDAQ is off 1.5 percent.
Of note, Buckingham Research reiterated an Underperform on the stock Thursday morning with a $108 price target. The firm’s thesis did not include any specific outlook related to regulation, but cited below-consensus free cash flow and pricing pressure as key catalysts for a downward move.