Boeing shares dip again on 737 MAX woes

new york — Boeing’s shares fell more than 3 per cent on Tuesday as more countries grounded the planemaker’s 737 MAX 8 aircraft amid heightened anxiety among travellers about the safety of the plane.

DZ Bank became the first brokerage in nearly two years to place a “sell” rating on the stock, while setting a price target of $333 — the lowest on Wall Street.

The stock was trading at $385 before the opening bell. If Tuesday’s losses, following a 5 per cent fall on Monday, stick through regular trading hours, the company would have lost more than $21 billion in market value in two days.

seattle — Boeing Co’s top executive told employees on Monday he was confident in the safety of the US manufacturer’s fastest-selling 737 Max aircraft in the wake of two deadly crashes since October.

An Ethiopian Airlines passenger jet bound for Nairobi crashed minutes after take-off on Sunday, killing all 157 people on board and raising questions about the safety of the Boeing 737 Max 8 model. The same type flown by Lion Air crashed off the coast of Indonesia in October, killing all 189 on board.

“We are confident in the safety of the 737 Max and in the work of the men and women who design and build it,” Boeing Chief Executive Officer Dennis Muilenburg told employees in an email seen by Reuters. “Since its certification and entry into service, the Max family has completed hundreds of thousands of flights safely.”

Muilenburg said Sunday’s crash was “especially challenging” coming only months after the loss of Lion Air Flight 610.