Boeing falls after a Boeing 737-500 passenger plane operated by Sriwijaya Air crashes into the ocean Saturday off of the coast of Indonesia.
Boeing (BA) – Get Report shares declined Monday following a Boeing 737 500 passenger plane operated by Sriwijaya Air crashed Saturday into the ocean off of the coast of Indonesia after taking off from Jakarta.
The plane, a 737 500 aircraft, was 26 years old, so much older than the Boeing 737 MAX that had been based in March 2019 after two fatal crashes, including a Lion Air crash in Indonesia which killed 189 individuals in 2018.
Black boxes of the plane were located and communications information has been obtained, CNN reported.
The head of Indonesia’s National Search and Rescue Agency said late Sunday that the 2 black boxes from the Sriwijaya Air flight were thought have been detected within 150 meters to 200 meters of the crash site, based on CNN.
The Boeing 737 500 jet disappeared minutes after taking off from Jakarta, Indonesia’s capital, during heavy rain on Saturday. The Sriwijaya Air flight had 62 people aboard and was headed to Pontianak on the island of Borneo from the nation’s capital. Twelve on board were crew members.
Special REPORT: Download Jim Cramer’s five Rules for Trading Stocks During Earnings Season – a set of practices that might help you survive earnings season without having to sacrifice a lot of cash.
Boeing shares fell 1.81 % to $206.02 in trading Monday.
The crash comes only days after jetmaker Boeing agreed to fork out a $2.5 billion fine over fraud and conspiracy charges connected to its 737 MAX jet program.
The settlement involves a criminal penalty of $243.6 huge number of, according to the conduct of 2 former MAX program specialized pilots, along with the establishment of a $500 million fund to provide compensation for families of the victims of the Lion Air and also Ethiopian Airlines crashes, the company said.
Boeing said the deferred prosecution agreement with the Department of Justice, which it entered into on Thursday, will impact the company’s fourth quarter earnings by $743.5 million.
“I firmly believe that entering into this particular resolution is actually the perfect thing for us to do – a step which properly acknowledges exactly how we fell short of our values as well as expectations,” said CEO Dave Calhoun. “This resolution is a serious reminder to all of us of precisely how critical our obligation of transparency to regulators is, and also the effects that the business of ours can experience when any one of us falls short of those expectations.”