The Federal Aviation Administration updated stakeholders about the long awaited Boeing 737 MAX recertification test flights Monday afternoon.
The test fights began as originally planned, taking off at about 1 p.m. Eastern time and lasting “several hours,” according to the news release.
There are two more days of test flights scheduled. After the flights are completed, there is more work to be done to get the troubled jet back into the skies, flying passengers commercially.
“While the certification flights are an important milestone, a number of key tasks remain,” reads the statement, “The FAA is following a deliberate process and will take the time it needs to thoroughly review Boeing’s work. We will lift the grounding order only after we are satisfied that the aircraft meets certification standards.”
The MAX has been grounded world-wide since mid-March 2019 following two deadly crashes inside of five months. The length of the grounding is unprecedented in the history of commercial aviation.
Boeing stock rose more than 14% Monday, tacking on about $14 billion in market capitalization. That is, roughly, 25% to 35% of the total 2019 declines related to the MAX accidents and grounding.
Boeing stock remains down about 40% year to date. The entire commercial aerospace value chain has been hammered by the viral pandemic. Aerospace supplier stocks Barron’s tracks are down about 40% as well. Airline shares have fallen more.
Boeing stock is down 1.2% in premarket trading. Norwegian Air Shuttle (NAS.Oslo) canceled an order for 92 MAX jets. Norwegian Air stock is deeply distressed, down about 93% year to date.
Dow Jones Industrial Average and S&P 500 futures are up 0.1%.
Write to Al Root at allen.root@dowjones.com
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June 30, 2020 at 09:08PM
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Day One of Boeing 737 MAX Test Flights Is In the Books - Barron's
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