Boeing Posts No New October Orders, Cuts 37 MAXs From Backlog

Boeing BA reported that for October it delivered 13 jets, garnered no new orders and removed 37 MAX jets from its order backlog.
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Boeing  (BA) - Get Report reported that for October it delivered 13 jets, garnered no new orders and removed 37 MAX jets from its order backlog. 

But Boeing shares at last check were 6.6% higher at $191.17 amid reports that its grounded 737 MAX aircraft could be cleared for return by as early as next week.

The Chicago aerospace giant canceled orders for a dozen 737 MAXs in the month while removing an additional 25 from its official backlog as no longer certain to be fulfilled. 

That compares with the 11 new orders European rival Airbus EADSY received to go along with 72 aircraft deliveries in the month. 

All told, Boeing has removed 595 MAX orders from its backlog while outright canceling another 448, according to The Seattle Times

Reuters reported earlier this week that the Federal Aviation Administration is in the final stages of its approval process for the 737 MAX aircraft. Reuters reported late Monday that the final nod could come on Nov. 18.

The 737 MAX model was grounded in spring 2019 following fatal crashes in Indonesia and Ethiopia that killed 346 people.

Boeing told investors in late October that it has around 3,400 of the 737 aircraft in backlog, as well as 450 already built and stored in inventory.

It said it didn't expect to increase production rates beyond 31 new planes in 2022 as it continued to assess demand in the wake of travel restrictions triggered by the coronavirus pandemic.