Boeing finds new problem in long-delayed 787

PITTSBURGH -- Boeing said Friday it has discovered another problem with its long-delayed 787 jetliner.

The airplane maker found microscopic wrinkles in the skin of the 787's fuselage and is installing a patch, said Lori Gunter, a Boeing spokeswoman. The 787 is built for fuel efficiency from lightweight carbon composite parts.

While the company said this revelation does not affect the timetable for its first 787 test flight or deliveries of the aircraft, Boeing shares fell more than 4% to $44.61 on the New York Stock Exchange, making it the top decliner on the Dow Jones industrial average.

"Two months ago they stopped production on (the sections)," said Alex Hamilton, analyst at Jesup & Lamont. "I would argue that it's already baked in. I think it's just more bad news."

"That's what the stock is reacting to," Hamilton said. "The perception from investors is it's getting worse and worse."

The patches eventually will be installed on 787 fuselages at plants in Italy, Everett, Wash., and South Carolina.

Boeing has delayed the first test flight and deliveries of the 787 repeatedly, costing the company credibility and billions of dollars in anticipated expenses and penalties.

The company postponed the inaugural test flight and deliveries of the plane for the fifth time in June because of another structural problem. Boeing has not announced a revised schedule, but Gunter said that would happen before the end of September.