This post was originally published on this site

Shares of Boeing rebounded Friday after a report that the plane manufacturer plans to roll out a software upgrade for its 737 Max aircraft in the coming weeks.

The report from Agence France-Presse, citing sources, comes after the U.S. grounded all Boeing 737 Max jets this week. The software upgrade is expected to roll out in 10 days, according to AFP. Still, the company told CNBC the overall timeline has not changed.

The Federal Aviation Administration followed the lead of dozens of other countries, citing links between two fatal crashes as grounds to cancel those flights. Boeing’s stock has tanked more than 10 percent this week in the aftermath.

Shares rose roughly 3 percent Friday afternoon following the report, its best day in more than a month. The stock is still having its worst week since early 2016.

A weeks-long turnaround would come much sooner than some on Wall Street had estimated. Bank of America predicted this week that it would take the aircraft manufacturer three to six months to “certify the fix.”

Ethiopian Airlines Flight 302 crashed on Sunday, less than five months after the crash of Lion Air Boeing 737 Max 8 flight from Jakarta, Indonesia, killing all 189 people on board. Both planes were new, delivered from Boeing just months before those flights.

Of the more than 350 Boeing 737 Max jets in global fleets, 74 are flown by U.S. airlines United Airlines, American Airlines and Southwest Airlines, according to the FAA.

— CNBC’s Leslie Josephs , Meghan Reeder and J.R. Reed contributed reporting.

Sharing is caring!
Digital Global JV


Please Rate This Article:
  • Format
  • Writer
4.5

Summary:

If you like this article, then please give us a rating by locating “user rating” (see below) and click on a star between 1-5. If you like this article, then please share this page on your favorite social media platform. We appreciate you taking the time to visit our site.

Are you here to shop online? Do you want to sell your products? Sign up today!

Thank-You!

Sending
User Review
4 (1 vote)

Legal: Digital Global does provide curated content to our readers. If you would like us to remove this article, then contact Digital Global, as authors do deserve credit for their work, and we will also provide credit to the author by offering do-follow link attributes.

Digital Global Shop

Thank-You!