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Shares of Southwest Airlines (LUV) - Get Southwest Airlines Co. Report were under pressure on Monday following the crash of a Nairobi-bound Boeing (BA) - Get Boeing Company Report 737 MAX 8 on Sunday - the second such incident involving the airplane is less than a year - raising concerns that the model may be grounded for safety reasons.

Shares began the trading day below $50, down more than 3%, before recovering. At last check, the shares were down 1% to $51.27 on the New York Stock Exchange.

Boeing (BA) - Get Boeing Company Report said on Monday the investigation into the Ethiopian Airlines crash is in its early stages, and there is no need to issue new guidance to operators of its 737 MAX 8 aircraft based on the information it has so far.

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For its part, Southwest affirmed on Monday that it has no plans to ground the planes. Southwest is the largest operator of 737 MAX 8s in North America, with 34 currently in operation and more than double that on order.

"We remain confident in the safety of our fleet of more than 750 Boeing aircraft," the airline said in a statement provided to CNN Monday. "Southwest has operated approximately 31,000 flights utilizing the Boeing 737 Max, and we plan on operating those aircraft going forward."

The Ethiopian Air flight crashed shortly after taking off from Addis Ababa airport on Sunday, killing all 157 on board. The same model, flown by Lion Air, crashed off the coast of Indonesia in October, killing all 189 on board.

Shares of Boeing were down 6.7% to $394.34 in trading Monday.

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