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Pratt & Whitney engine recall batters global engineering stocks

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Pratt & Whitney's recall of several hundred aero engines continued to pummel stocks across the global engineering sector on Tuesday.

Pratt & Whitney’s recall of several hundred airplane engines continued to pummel stocks across the global engineering sector on Tuesday.

Inspections would take place over the next three years said RTX, formerly known as Raytheon, and it would take a $3 billion hit on profits in the third quarter. Shares in RTX, which lost nearly 8% on Monday, are off another 1.8% in premarket action Tuesday. In Japan on Tuesday, shares in IHI Corp. 7013, -15.81% lost nearly 16%, Kawasaki Heavy Industries 7012, -5.89% fell nearly 6% lower and Mitsubishi Heavy Industries 7011, -4.05% shed 4%.

 

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