Boeing, GE Dethrone RTX as most valuable aerospace company

New errors with RTX Corp.’s Pratt & Whitney jet engines pushed the aviation and defence giant from its perch as the world’s most valuable aerospace company on July 25, losing $15 billion in market capitalization over the course of the trading day.

The company, which recently changed its name from Raytheon Technologies Corp., disclosed new quality glitches on July 25 affecting about 1,200 of its engines. These engines power about 40 per cent of Airbus SE’s top-selling A320neo jetliners, Bloomberg reports.

RTX shares tumbled more than 10 per cent, leaving it with a value of about $126.78 billion.

That placed the company narrowly behind rival jet-engine manufacturer General Electric Co.’s $127.51 billion market value. GE shares have surged nearly 80 per cent this year through Tuesday’s close, including a roughly 6 per cent gain on July 25 after raising its full-year financial targets.

The shakeup also anointed a new, $128.81 billion head honcho: Boeing Co.