Boeing Stands By 777 Groundings Following Near-Disaster

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Boeing (BA) - Get Report shares fell Monday after the aircraft maker said it supported the Federal Aviation Administration and airlines’ decisions to ground dozens of its older 777 aircraft following the failure of a Pratt & Whitney engine that showered debris over a Denver suburb on Saturday.

The FAA on Sunday issued an emergency airworthiness directive requiring "immediate or stepped-up inspections" of Boeing 777 airplanes equipped with some Pratt & Whitney 4000-112 engines following an engine failure on a Boeing jet operated by United Airlines (UAL) - Get Report en route to Honolulu that was forced to make an emergency landing.

Boeing itself followed up on directive and the airlines' moves on Sunday evening, with the company recommending the temporary suspension of all of its 777 aircraft that have the Pratt & Whitney 4000-112 engines. Investigators are looking into a possible fan blade failure in the engine. Pratt & Whitney is owned by Raytheon (RTX) - Get Report.

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