American Airlines Cancels Boeing 737 MAX Flights Into June

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Airlines are continuing to ground 737 Max planes, with American Airlines announcing an additional 5,000 cancellations on Monday. Following the announcement, Bank of America Merrill Lynch cut Boeing to a neutral from a buy, saying the grounding could last upward of nine months.

The anti-stall system is suspected as also an Ethiopian Airlines crash in March that also included a MAX 8 jet and a reason for the Lion Air crash in October.

The Journal says the pilots' activities are still being assessed by researchers but might raise questions regarding assertions produced by Boeing and USA labs in the aftermath of the next Max crash in October that pilots can regain control simply by following steps to turn off some specific anti-stall system.

Boeing is expected to submit the software update to the FAA in the coming weeks.

Boeing and the U.S. Federal Aviation Administration said last week the company needs more time to finish changes in a flight-control system suspected of playing a role in the two crashes.

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Nearly a month into Canada's grounding of all Boeing 737 MAX 8 and 9 fleets, the company responsible for the aircrafts says it will be cutting its production this week.

Boeing lost billions of dollars in market value in the days after the Ethiopia crash as regulators grounded all MAX 8s across the globe.

Last month, Canaccord had predicted the grounding would end in early to mid-May. There will be a hit to 2019 earnings due to fewer-than-anticipated deliveries.

"The grounding of the MAX fleet is likely to lower domestic capacity by ~1-1.5 ppts during the period in question, which could bode well for domestic industry fares primarily in the off-peak periods where there appears to be an oversupply", Syth said.

On Friday, the company cut its monthly 737 production by almost 20 per cent, signalling it did not expect aviation authorities to allow the plane back in the air any time soon. Before the crisis, he believed Boeing would deliver 630. "He had a long life ahead of him and he was taken away from us too soon", Abdi said.

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Shares of Southwest fell another 2.6% in trading Monday following the downgrade.

"The reputational loss from these events could erode long-term market share and pricing power of the 737 MAX", BofA analyst Ronald Epstein said in a note to clients seen by CNBC.

Luckily, despite being one of the biggest USA operators of the 737 Max, the model makes up relatively few of Southwest's revenue seat miles, a closely watched metric for airline investors, Syth says.

Indonesian airline Garuda is the only company so far to publicly disclose it has cancelled an order for the planes.

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