The prolonged grounding of Boeing’s 737 Max jets forces American Airlines to cut its revenue guidance for the first quarter. The prolonged grounding of Boeing’s 737 Max jets forced American Airlines on Tuesday to cut its revenue guidance for the first quarter. Its fleet of about 963 aircraft includes 24 Max jets, which have been grounded following the March 10 crash of Ethiopian Airlines Flight 302 over Addis Ababa. Pretax margin estimates are now 2% to 4% percent, lower than previously estimated due to an increase in fuel prices, the airline said. Global Jets ETF (JETS) was trading at $30.30 per share on Tuesday afternoon, down $0.26 (-0.85%).

Source: Ethiopian News April 09, 2019 14:15 UTC