PURCHASE, N.Y. -- Atlas Air Worldwide Holdings Inc. said Thursday that it canceled orders for three Boeing 747-8 freighters that were part of a 12-jet order announced in 2006.
The company canceled planes to be built early in the production process and said that the 747s that it gets should be better-performing aircraft.
Shares of Atlas Air tumbled $5.79, or 13.3 percent, to close at $37.65. During the day, they hit a 52-week low of $36.13.
Atlas, which runs charter flights for the U.S. military and offers cargo services, said it still expects to get three 737s this year, four next year, and two in 2013.
The Atlas announcement comes just days after Boeing announced that delivery of the first new 747-8 freighter was being delayed because of "unresolved issues" with the buyer, Luxembourg-based freight airline Cargolux.
The new plane is a larger, longer version of the 747 line that dates back to 1969. Deliveries of the 747-8 are running about two years behind schedule.
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