Airline stocks are tumbling, after the second deadly crash involving Boeing's 737 Max
Airline stocks pared their early losses Monday, as Boeing Co. shares rebounded from their worst levels, after a deadly crash involving the aerospace giant’s 737 Max 8 aircraft in Ethiopia, the second fatal accident involving the aircraft in six months.
Boeing said it was “deeply saddened to learn of the passing of the passengers and crew” on the Ethiopian Airlines airplane. In a statement posted on its website, the company said it is planning to send a technical team to the crash site to help Ethiopian and U.S. investigators.“We are in contact with the State Department and plan to join the NTSB in its assistance with Ethiopian civil aviation authorities to investigate the crash,” the FAA said in a statement.
Southwest shares fell 1.6%, even as the carrier expressed confidence in its Boeing aircraft and said it has no plan to change operations. It also told customers that if they changed flight plans to avoid flying on 737 Max planes, they would be responsible for any fare differences.
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Southwest says it remains 'confident' in its fleet of Boeing planes after Ethiopia crashSouthwest Airlines Co. expressed confidence in its Boeing Co. aircraft and said has no plans to change operations in the wake of a deadly crash involving a 737 Max 8 aircraft in Ethiopia. But shares of the airline fell over 3% in premarket trading, alongside a nearly 9% drop in Boeing shares. "As Southwest operates a fleet of 34 Boeing 737 MAX 8 aircraft, we have been in contact with Boeing and will continue to stay close to the investigation as it progresses," said a spokesman for the company. Ethiopian Airlines Flight 302 crashed shortly after takeoff from the capitol of Addis Ababa, killing all 157 people on board. It's the second deadly accident involving Boeing's popular 737 Max 8 in six months, with the last occurring in October when an Indonesia Lion Air jet crashed into the sea, killing all 189 on board. China's civilian aviation authority has ordered all airlines to ground those Max 8 planes, while Ethiopian Airlines has grounded its entire fleet of those planes. "We don't have any changes planned to our operational policies or procedures," said the Southwest spokesman. Losses for Boeing drove a 170-point drop in Dow futures.
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