Boeing stock was recently down about 8%, putting it on track for its largest one-day drop since August 2011
Shares of Boeing Co. tumbled Monday following Sunday’s deadly Ethiopian Airlines crash, putting the plane maker on course for its largest one-day stock drop in more than three years.
Boeing stock fell as much as 13% early Monday after Indonesia joined China in grounding Boeing 737 MAX 8 aircraft in the wake of Sunday’s crash, which killed all 157 aboard and was the second deadly disaster involving the new model in recent months. The plane maker also postponed this week’s planned rollout of the 777X jet in the wake of the crash.
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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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