Southwest Airlines is grounding 34 of its planes in response to the FAA’s decision to ground the 737 Max 8. The company has previously warned shareholders about the possibility of this event.
Southwest Airlines stock dropped sharply in the moments after President Donald Trump said the U.S. would be grounding Boeing’s latest 737 Max models.
Southwest shares are still down 2.4% since an Ethiopian Airlines 737 Max 8 crashed over the weekend, causing countries around the globe to ground the Boeing model. The single-aircraft strategy carries risks, though, and Southwest, has warned about the impact of an event just like this in its annual report. Here’s an excerpt from the company’s risk-factor section:
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