Boeing shares fall after second deadly 737 MAX 8 crash

By TransportationFOXBusiness

Several countries ground Boeing 737 Max 8 aircrafts after Ethiopian Airlines crash

Airline Weekly Editor Seth Kaplan on the fallout from the crash of an Ethiopian Airlines Boeing 737 Max 8.

Boeing shares fell more than 7 percent on Monday following the second deadly crash involving the 737 MAX 8 passenger jet.

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The crash has caused some airlines to grounded the plane.

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Boeing was supposed to hold a ceremonial debut of its 777X widebody aircraft this week. That has been postponed.

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BABOEING COMPANY347.16-1.70-0.49%

The Ethiopian Airlines jet crashed minutes after takeoff from Addis Ababa on Sunday, killing all 157 on board, according to Reuters.

It was the same model aircraft flown by Lion Air that crashed off the coast of Indonesia in October, killing all 189 on board.

China ordered Chinese airlines to ground all Boeing 737 MAX 8 planes after the crash.

Ethiopian Airlines said it has grounded its 737 MAX 8 fleet until further notice.

In the U.S., American Airlines is a carrier that uses the 737 MAX and is not pulling them from service.

American continues to collaborate with the FAA and other regulatory authorities, as the safety of our team members and customers is our number one priority," American tells FOX Business. "We have full confidence in the aircraft and our crew members, who are the best and most experienced in the industry."

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According to Boeing, an investigation into the latest 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.

Shares of rival Airbus gained.