Boeing Stocks Plunge Amid 737 MAX Software Glitch Concerns

Shares of Boeing plummeted on Monday after news broke of a software glitch in its 737 MAX aircraft, sparking concerns about a potential safety risk.

The Federal Aviation Administration (FAA) is reviewing the issue and will take immediate action if it identifies a safety concern. The FAA said it 'is aware of a potential issue in a software update for the flight computers on certain Boeing 737 MAX airplanes' and is working closely with Boeing and airlines.

Boeing confirmed the report, stating that it informed all 737 operators about a software issue where pilots may not have access to automated flight guidance during a specific landing scenario. The company said its engineers are working on a software update to permanently address the issue.

The FAA will convene a Corrective Action Review Board (CARB) and take action if it identifies a safety concern. Southwest Airlines and United Airlines have reportedly told Boeing that they don't want to receive new 737 MAX planes equipped with the flawed software, instead requesting an earlier version of it.