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Shares of Boeing Co (NYSE:BA) were trading lower Monday amid reports the grounded 737 Max planes won't be cleared to fly until 2020.
What Happened
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Boeing's 737 Max planes throughout the world were grounded in March in reaction to two fatal crashes and could remain in this state through at least January 2020, The Wall Street Journal reported. Boeing hasn't offered any firm timeline and it's possible the process of certifying new software for the planes and training pilots is taking longer than expected.
Even if U.S. authorities approve Boeing's changes to its planes in October, the process of coordinating with global regulators to lift the grounding is a challenge. Another factor at play is the planned U.S. Senate confirmation of Stephen Dickson as the new FAA leader during the fall months, WSJ wrote.
Why It's Important
Airliners continue to scramble with the challenges associated with maintaining existing flying routes with few jets, CNBC reported. In fact, the ongoing grounding of Boeing's jets prompted American Airlines Group Inc (NASDAQ:AAL) to remove all previously scheduled 737 Max flights through the beginning of November. This will result in around 115 flights being canceled each day.
American already acknowledged the ongoing grounding of Boeing jets cost the company $185 million in pre-tax income in the second quarter, according to CNBC.
Even if airliners receive the green light to resume 737 Max flights in January the companies will need another 45 days to prepare, according to WSJ.
Boeing's stock traded down 1.7% to $359.08 per share at time of publication.
Related Links
Boeing Sets Aside $100M For 737 Max Crash Victims
The Boeing 737 MAX Has Been Grounded Since March: How Are Airlines Responding?
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.