Boeing CEO points to risk and responsibility in fresh statement

The US Federal Aviation Administration plans to revamp oversight of airplane development after the two deadly crashes of Boeing's new 737 Max 8

Airlines that own them have been scrambling other planes to fill some Max flights while canceling others.

Canacccord Genuity cut its price target on Boeing shares to $380 from $391.93 and said it now saw July 2019 as the date the MAX grounding could be lifted "in a best-case scenario".

On March 13, the U.S. Federal Aviation Administration followed its global counterparts and grounded the country's 737 Max planes in the wake of two recent crashes involving the aircraft that killed everyone on board. As the industry prepares to kick off airline earnings on Wednesday with Delta, Raymond James suggests that American and United might be smarter plays for investors looking for less 737 Max risk. The system may have been triggered by faulty information from one of the two angle-of-attack sensors mounted on the aircraft's nose, the report said.

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(STR/EPA via Shutterstock) An Ethiopean Airlines Boeing 737 Max 8 parked at Bole International airport, Addis Ababa, Ethiopia, April 4, 2019.

Boeing is scrambling to come up with a software fix for the automatic safety system, which is the focus of investigations into two fatal crashes. The event was to showcase the updated automated flight control system and the revised pilot training protocols. In 2013, the aircraft manufacturer paid an undisclosed amount to airlines in response to the grounding of Boeing 787 Dreamliner aircraft.

The fallout from Boeing's worst crisis in years still has no end in sight for airlines that operate the embattled 737 Max jet. Boeing Max is a popular airplane model across the globe.

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Lawyer Michael Indrajana said that since the crash, families in Indonesia have faced a complicated and painful process against Boeing and Lion Air in their battle to get compensation.

The carrier was previously forced to cancel flights through late April.

In mid-March, Ethiopian transport minister Dagmawit Moges said black box data from the doomed flight showed "clear similarities" to the Lion Air crash.

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"We have the responsibility to eliminate this risk, and we know how to do it", Boeing Chief Executive Officer Dennis Muilenburg said in a press release. However, Morningstar said Boeing should be able to ramp up monthly production of the planes to 57 aircraft before hitting the mid-60s in the next decade. He stopped short of saying Boeing's initial recommendations were insufficient, acknowledging only that erroneous activation of the software "can add to what is already a high workload environment".

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