FILE- In this Sept. 30, 2020, file photo, a Boeing 737 Max jet, piloted by Federal Aviation Administration (FAA) chief Steve Dickson, prepares to land at Boeing Field following a test flight in Seattle. Federal regulators have approved a Boeing procedure to fix about 100 jets that have been sitting for a month because of an electrical-grounding issue. The electrical problem was the latest issue affecting Boeing's best-selling 737 Max jet, which was grounded for nearly two years after two deadly crashes. Boeing said Thursday, May 13, 2021 it will help airlines fix the electrical issue on certain Max jets. (AP Photo/Elaine Thompson, File)
WASHINGTON (AP) — Federal regulators have approved a Boeing procedure to fix about 100 jets that have been idled for the past month because of improper electrical grounding of some components, and some of the planes could be flying again in the next few days.
A Boeing spokesman said Thursday that the company issued service bulletins to airlines and will help them perform the work to fix the planes.
The approval by the Federal Aviation Administration came shortly after the agency's administrator, Stephen Dickson, told a congressional panel he had “absolute confidence” in the safety of the Max and that fixing the latest problem with the troubled jetliner would be “pretty straightforward.”
Southwest Airlines, the biggest customer for Boeing 737 jets including the Max, estimates that the work will take two to three days per plane. The airline expects to complete the work on its 32 grounded planes in about three weeks, a spokesman said.
American Airlines, which has 18 planes sidelined by the electrical issue, and United Airlines, with 17 grounded Max jets, said they expect those planes to resume flying in the coming days but were not more specific. Alaska Airlines has four grounded Max jets.
The timing of FAA approval is a boost to both Boeing – which is preparing to resume cash-generating deliveries of recently built Max jets – and its airline customers. Airlines can now plan on having the planes to help meet rising demand and expanding flight schedules heading into the peak summer-travel season.
The electrical issue affecting a backup power unit and other components was another setback for Boeing's best-selling plane.
It came just a few months after the planes resumed flying following two deadly crashes and a 20-month worldwide grounding of all Max jets. The electrical issue appeared to be unrelated to the automated flight-control system that played a role in the crashes.
Dickson said Wednesday that the FAA is looking into how the electrical problem surfaced after Boeing made changes on its production line.
Boeing says that since the planes resumed flying late last year, they have made 30,000 flights for 21 different airlines without incident.
Shares of Boeing Co. rose 1% in midday trading after being up about 4% earlier in Thursday's session.
Featured Article: What is a portfolio manager?7 Undervalued Stocks That Deserve More Attention
With the Dow Jones Industrial Average (DJIA) hitting new highs seemingly every day, it may seem like the wrong time to be looking at undervalued stocks. Or is it?
From cannabis to cryptocurrencies, and let’s not forget electric vehicles the market seems to be blowing bubbles wherever you look. And that’s why now may be exactly the right time to zig while the market is sagging. And that means looking for undervalued stocks.
But finding undervalued stocks is subjective. Some analysts use specific fundamental metrics. Others use technical analysis.
However, the general idea is that you’re looking for stocks that are trading below their fair value.
In some cases, these may be stocks whose financials are stronger than other stocks in their sector, but it’s trading at a lower price. In other cases, a company may have potential that is not reflected in its stock price. Put another way, undervalued stocks are stocks that have room to grow. That’s why they deserve a place in your portfolio.
And that’s why we’ve put together this special presentation on stocks that are undervalued right at this time. An investment in these companies is likely to be rewarded because the stocks are moving under the radar from the broader market.
View the "7 Undervalued Stocks That Deserve More Attention"
Companies Mentioned in This Article
Compare These Stocks
Add These Stocks to My Watchlist