Boeing News: BA Stock Rebounds on News of 737 Max Fix
In the latest Boeing (NYSE:BA) news, the company said it may be done with the software upgrade for its 737 Max aircraft faster than expected.
BA stock is on the rise Friday as it was revealed that the Chicago-based aircraft maker is working towards fixing the flight vessel in the near future. Agence France-Presse unveiled the news with sources that claim to be close to the matter, adding that the U.S. grounded all Boeing 737 Max jets this week.
The software upgrade is slated to take place in about a week and a half, the publication reported, yet the timeline for aircraft release to airlines remains the same. It was decided by the Federal Aviation Administration that Boeing would have to fix the aircrafts following two fatal crashes linked with the vessels.
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One such flight was the Ethiopian Airlines Flight 302, which crashed on Sunday, while the Lion Air Boeing 737 Max 8 flight crashed about five months prior, with all 189 people on the plane passing away. Boeing delivered both new planes a mere months before those flights.
Wall Street analysts were expecting the Boeing 737 Max fit to last three to six months, not weeks. There are currently more than 350 of these jets in global fleets, 74 of which are flown by major U.S. airlines.
BA stock is surging about 2.2% on Friday off the heels of the news. Shares have gained about 17.9% year-to-date.
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