Boeing stock drops, china grounds 737 max 8 fleet,,, company says no need for retraining or guidelines change,,
SHANGHAI (Reuters) - Boeing said on Monday the investigation into the Ethiopian Airlines crash is in its early stages and there is no need to issue new guidance to operators of its 737 MAX 8 aircraft based on the information it has so far.
“Safety is our number one priority and we are taking every measure to fully understand all aspects of this accident, working closely with the investigating team and all regulatory authorities involved,” a Boeing spokesman said in a statement emailed to Reuters.
https://www.reuters.com/article/us-ethiopia-airplane-boeing/boeing-says-has-no-new-guidance-for-737-max-8-operators-idUSKBN1QS0QS?utm_source=reddit.com
Boeing shares are set to take a $21.5 billion hit after the second crash in six months involving one of its aircraft.
An Ethiopian Airlines flight to Kenya crashed on Sunday morning, killing 157 people and mirroring a similar incident in Indonesia last October. The US aircraft manufacturer's safety record is now in question — Chinese aviation authorities told airlines to ground all flights involving Boeing's 737 MAX 8 model.
"This tragic incident will be a massive hurdle for Boeing to overcome," said Jasper Lawler, head of research at London Capital Group.
Boeing shares are down 9% in pre-market trading as of 9 a.m in London (5 a.m ET) and are set to drag down the Dow with futures down 0.8%.
https://www.businessinsider.com/boeing-set-to-lose-21-billion-in-market-cap-dow-lower-after-crashes-2019-3
China’s aviation regulator on Monday grounded nearly 100 Boeing Co 737 MAX 8 aircraft operated by its airlines, more than a quarter of the global fleet of the jets, after a deadly crash of one of the planes in Ethiopia.