Shares of Boeing rebounded Friday after a report that will the plane a new plans to roll out a software upgrade for its 737 Max aircraft inside coming weeks.
The report coming from Agence France-Presse, citing sources, comes after the U.S. grounded all Boeing 737 Max jets that will week. The software upgrade will be required to roll out in 10 days, according to AFP. Still, the company told SouthIndianNews.com the overall timeline has not changed.
The Federal Aviation Administration followed the lead of dozens of some other countries, citing links between two fatal crashes as grounds to cancel those flights. Boeing’s stock has tanked more than 10 percent that will week inside aftermath.
Shares rose roughly 3 percent Friday afternoon following the report, its best day in more than a month. The stock will be still having its worst week since early 2016.
A weeks-long turnaround would certainly come much sooner than some on Wall Street had estimated. Bank of America predicted that will week that will the item would certainly take the aircraft a new three to six months to “certify the fix.”
Ethiopian Airlines Flight 302 crashed on Sunday, less than a few months after the crash of Lion Air Boeing 737 Max 8 flight coming from Jakarta, Indonesia, killing all 189 people on board. Both planes were fresh, delivered coming 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 as well as Southwest Airlines, according to the FAA.