Boeing shares plunge as FAA rejects proposal on MAX wiring [View all]

[turbinetree]

Source: Reuters

BUSINESS NEWS MARCH 9, 2020 / 10:31 AM / UPDATED 2 MINUTES AGO

(Reuters) - Shares of Boeing Co (BA.N) dropped 12% on Monday after the planemaker’s proposal to leave wiring bundles in place on the grounded 737 MAX failed to get the backing of U.S. aviation regulators, potentially delaying the plane’s return to service.

Boeing shares were down at $231.60 in early trading, a level not seen since 2017.

The Federal Aviation Administration (FAA) told Boeing on Friday it did not agree with the planemaker’s argument that the wiring bundles meet safety standards and now it is up to Boeing to decide how to proceed.

Boeing in February said it did not believe it was required to separate or move wiring bundles on its grounded 737 MAX jetliner that regulators had warned could cause a short circuit on the 737 MAX, and lead to a crash if pilots did not react soon.

Read more: https://www.reuters.com/article/us-boeing-hot/boeing-shares-plunge-as-faa-rejects-proposal-on-max-wiring-idUSKBN20W210?il=0

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This is the FAA trying to cover there collectives asses, if they knew the bundles were like that in the NG models and older models, why didn't they say something then.............................