American Airlines Extends Max-Caused Cancellations to June 5

An Ethiopian Airlines Boeing 737 Max 8 sits grounded at Bole International Airport in Addis Ababa

As the focus remains on the software upgrades Boeing is implementing on its 737 MAX planes, American Airlines was forced to announce more flight cancellations into June.

"We now know that the recent Lion Air Flight 610 and Ethiopian Airlines Flight 302 accidents were caused by a chain of events, with a common chain link being erroneous activation of the aircraft's MCAS (Maneuvering Characteristics Augmentation System) function", noted Muilenburg in a new statement.

The two US airlines are bracing for a long-term grounding, days after the FAA confirmed that the update of the Boeing 737 MAX would not be ready for "weeks".

Boeing's stock dipped almost 2% in after-hours trading Friday.

Boeing acknowledged the sensor malfunctioned and Muilenburg said last week that a new software upgrade would prevent future episodes. Boeing and the FAA have been under inquiry since the collapses and the plane has been suspended from mid-March after the fatal accidents that killed 346 people onboard the jets.

Lawyer Michael Indrajana said that since the crash, families in Indonesia have faced a complicated and painful process against Boeing and Lion Air in their battle to get compensation.

"Our analysis shows the cut positions Boeing to generate zero cash in 2019 if deliveries don't resume, protecting its financial health and ratings".

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Morningstar also said the announcement likely meant a longer grounding period, estimating that earnings would decline $1.11 per share.

Despite Boeing's decision to cut production of all 737 aircraft models from 52 to 42 a month, Spirit Aerosystems will continue to produce 52 shipsets for the 737 each month, a Spirit spokesperson said Monday. "Accordingly we believe suppliers will not be able to accommodate any Boeing request", Ciarmoli said. Although the Boeing story will be "volatile" in next few months, the company should do well in time, it said.

"We now assume the Max grounding will last at least until July 2019 in a best-case scenario. the move to 42/month on the 737 indicates to us greater uncertainty on the near- and longer-term outlook for the program and the stock", Canaccord Genuity analyst Ken Herbert said in a note.

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

BAC analyst Ronald Epstein said that he now expects normalization in deliveries of 737 Max series planes to take six to eight months, which is way higher than his earlier projection of three to six months.

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