Boeing Shares Rebound After Company Says 737 Max Jet Fix is in Works

Shares of Boeing have had a tumultuous past week ever since the Ethiopian Airlines Flight 302 crash that killed 189 people.

President Trump had even grounded all Boeing 737 Max Jets this week as the nation feared another deadly crash could happen. The Ethiopian crash was the second in the last several months. There are over 350 of these jets in global fleets, 74 of which are flown by major U.S. airlines.

The Federal Aviation Administration decided that Boeing would have to fix the air crafts following two fatal crashes linked with the vessels.

Shares of Boeing were rising on Friday after the Chicago-based company said that it is working on fixing the jet in the near future. A software upgrade is expected to take place in about a week and a half according to a publication.

However the timeline for aircraft release to airlines remains the same.

The fact that the fix would take just weeks had many on Wall Street excited. Analysts had been expecting the fix to take months.

QZ recently reported that “During the shutdown, the longest in US government history, FAA activities deemed crucial, including air-traffic control and safety oversight, continued, although the workers involved were unpaid. Many other activities were stopped. After the Lion Air crash, the FAA—which, with EU airline regulators, generally sets the tone for aviation safety worldwide—issued a new “airworthiness directive” to US operators of the Boeing 737 8 and 9 planes, warning that an “unsafe condition” exists on the models and providing flight crews “with runaway horizontal stabilizer trim procedures to follow under certain conditions.”

The report also said “The 61,000-member pilots association warned Trump of the dangers in a letter on Jan. 2, noting specifically that complicated oversight of manufacturing activities had stopped or were “significantly reduced”…

Disclaimer: We have no position in Boeing Co (NYSE: BA) and have not been compensated for this article.