DENNIS MUILENBURG

Neither Boeing nor former CEO Dennis Muilenburg admitted wrongdoing over two deadly 737 Max crashes, but they offered to settle and pay penalties.

Boeing will pay $200 million to settle charges that it misled investors about the safety of its 737 Max jets after two of the planes crashed, killing 346 people.

Current and former Boeing directors have settled a shareholder lawsuit that accuses the directors of poor oversight before two of the company's jets crashed, killing 346 people.

The plane’s twin crashes resulted from systemic breakdowns in company culture, management oversight and airplane safety regulation. No single villain is to blame.

Boeing CEO David Calhoun declined a salary and performance bonus for most of 2020 but still received stock benefits that pushed the estimated value of his compensation to more than $21 million, according to a regulatory filing Friday, March 5, 2021. Calhoun, who became CEO in January 2020, received $269,231 in salary for the period before he disavowed his salary in March. AdThe company said Calhoun gave up about $3.6 million by declining most of his salary and a $2.5 million bonus. But most of Calhoun's compensation — valued by Boeing at more than $20 million — came in the form of stock benefits that will vest in the next few years, assuming he remains CEO. Calhoun, 63, was a longtime Boeing board member before being named CEO after the firing of Dennis Muilenburg in December 2019.

Boeing Chairman and CEO Phil Condit addresses the media following the company's annual shareholders meeting April 28, 2003 in Chicago. Boom Supersonic, which plans to put supersonic jets into commercial service by the end of the decade, has added former Boeing CEO Phil Condit as an advisor. It's the latest example of a former Boeing CEO staying active in aerospace despite tenures at the company that ended in scandals. "Since our founding, our advisors have been active, crucial contributors toward building the supersonic future," Boom founder and CEO Blake Scholl said in a statement. Muilenburg was ousted as CEO of Boeing following the 737 Max scandal in December 2019.

FILE - In this Wednesday, Sept. 30, 2020, file photo, a Boeing 737 Max jet, piloted by Federal Aviation Administration Chief Steve Dickson, prepares to land at Boeing Field following a test flight in Seattle. The FAA is poised to clear the Boeing 737 Max to fly again after grounding the jets for nearly two years due to a pair of disastrous crashes that killed 346 people. Boeing sales of new planes have plunged because of the Max crisis and the coronavirus pandemic. Hansman said pilot training for qualified 737 pilots shouldn’t take long because Boeing has fixed problems with the Max’s software. Relatives say it's too soon, and they and their lawyers say Boeing and the FAA are withholding documents.

Boeing is once again pushing back the time frame for when it expects to have the 737 Max recertified for flight as the coronavirus pandemic hinders progress. While Boeing has completed a number of steps to get the plane back in the air, the company says the coronavirus is slowing down work on fixing the Max. The Wall Street Journal first reported the slide in the Max timeline. The 737 Max has been grounded since March 2019, following two crashes that killed a total of 346 people. Calhoun has maintained in recent months that Boeing engineers are making progress clearing up issues with the Max.

Southwest Airlines Boeing 737 MAX aircraft are parked on the tarmac after being grounded, at the Southern California Logistics Airport in Victorville, California on March 28, 2019. Southwest Airlines on Thursday pulled the Boeing 737 Max from its schedules until mid-August, meaning the low-cost carrier expects to go another peak summer season without the fuel-efficient planes. Southwest, which operates an all-Boeing 737 fleet, pulled the planes from its schedules through Aug. 10, from a June 6 target previously. That means the cancellation of about 371 weekday flights from peak schedules of 4,000 flights a day, the airline said. Southwest said the Max grounding cost it $828 million in operating income last year.

In this Monday, Dec. 16, 2019, file photo, a Boeing worker walks in view of a 737 MAX jet in Renton, Wash. Elaine Thompson | APBoeing is still embroiled in the crisis stemming from two crashes of its 737 Max planes. The report puts Boeing's new CEO Dave Calhoun in the hot seat with investors on his first earnings call at 10:30 a.m. GE, Spirit and supplier woesBoeing this month suspended production of the 737 Max, its best-selling aircraft. Boeing says it does not plan to lay off or furlough any of its employees, but it has reassigned some of its 737 Max employees from its Renton, Wash. factory to other facilities, including in California. General Electric, which makes engines for the 737 Max in a joint venture with French aerospace giant Safran, recently laid off about 70 temporary workers at a facility in Quebec.

Two workers walk under the wing of a 737 Max aircraft at the Boeing factory in Renton, Washington, March 27, 2019. Boeing CEO Dave Calhoun on Wednesday said the company's recommendation that pilots should undergo simulator training for the 737 Max prompted its decision to push back its timeline for when it expects the plane to return to service. "The trigger was a decision we made with the help of the board regarding simulator training and our recommendation to go down that path," Calhoun said on a conference call with reporters. Boeing executives have told suppliers and airline customers that it doesn't foresee regulators lifting a flight ban on the 737 Max until June or July, months later than originally expected. The timeline, first reported by CNBC on Tuesday, sent Boeing's stock down more than 3% that day.

Boeing CEO Dave Calhoun said Wednesday that the company will not cut its dividend despite the extended grounding of its 737 Max jet. Shares of Boeing were down 1.4% on Wednesday, and are down roughly 30% since last February, before the Max was grounded. The company announced Tuesday that it doesn't expect its plane to return to service until the middle of the year. Regulators grounded the Max last March after two fatal crashes that killed 346 people. United Airlines said Wednesday that it doesn't expect to fly the Max at all during the key summer season.

He estimates the total cost of the grounding could reach $20 billion excluding any settlements from lawsuits from crash victims' families if the planes return by June or July. Epstein estimates that about 40% of Boeing's profits last year came from the Max. That's assuming the planes return to service in April, she said. Even the planned pause in production won't stop the cash drain and will cost Boeing $1 billion a month, estimates J.P. Morgan. Suppliers are walking a tightrope with the 737 Max, because they don't want to lack workers when Boeing can resume production.

Lululemon now expects a profit of $2.22 to $2.25 per share for the quarter, compared to a previous range of $2.10-$2.13 and a consensus estimate of $2.15. Ford (F) Ford sales in China fell 26.1% in 2019, marking the third consecutive year of sales declines in that country. Ford did say its market share in the premium segment stabilized during the year. Goldman Sachs (GS) JMP Securities upgraded Goldman to "market outperform" from "market perform," saying the company is in the early stages of the most meaningful transformations in the financial services industry. Teladoc Health (TDOC) Teladoc Health will acquire privately held InTouch Health for $600 million, in a combination of virtual health-care companies.

Kena Betancur | Getty ImagesU.S. stock futures were pointing to a higher open Monday on Wall Street. The S&P 500 saw weekly gains of nearly 1%., with the Dow advancing 0.66% for the week. Dow stock Boeing is down about 20% since then. Ford's greater China CEO said, "The pressure from the external environment and downward trend of the industry volume will continue in 2020." U.S. rival General Motors last week said its sales in China fell 15% in 2019, its second yearly decline.

WASHINGTON, DC - OCTOBER 29: Dennis Muilenburg, president and CEO of the Boeing Company, testifies before the Senate Commerce Committee October 29, 2019 in Washington, DC. Boeing denied former CEO Dennis Muilenburg severance when he was ousted for his handling of the 737 Max crisis, but he will walk away with more than $60 million in pension benefits and stock, the company said Friday. Boeing fired Muilenburg last month amid a ballooning crisis around its 737 Max jets in the wake of two fatal crashes that killed 346 people. Longtime board member Dave Calhoun will become Boeing's new CEO on Monday. Muilenburg will forfeit stock worth $14.6 million, but is entitled to pension and stock benefits of about $62 million, Boeing said.

The firm started tracking CEO departures in 2002. "The number of chief executives who announced their departures in 2019 was staggering," said Andrew Challenger, Vice President of Challenger in a press release. Perhaps the most notable CEO news in December was the firing of Boeing CEO Dennis Muilenberg. Challenger tracks CEO changes at companies that have been in business for at least two years, with a minimum of 10 employees. The "Government and Non-Profit" sector leads all industries in CEO turnover in 2019 with 339 exits.

American Airlines is planning to share with employees a portion of the compensation it expects to receive from Boeing for the nearly 10-month grounding of the 737 Max, a disruption that carriers have said cost them more than $1 billion in revenue. American had 24 of the 737 Max planes in its fleet at the time of the grounding and had expected that size to double this year. "As we've said before, we expect American will be compensated for the lost earnings that the Max grounding has caused," American Airlines spokesman Ross Feinstein said. A Boeing spokesman said the company doesn't comment on "our private discussions with customers." American Airlines pilots' union, the Allied Pilots Association, said it has not ruled out following suit.

Boeing 737 MAX airplanes are stored on employee parking lots near Boeing Field, on June 27, 2019 in Seattle, Washington. After a pair of crashes, the 737 MAX has been grounded by the FAA and other aviation agencies since March, 13, 2019. Boeing said on Thursday Michael Luttig, who was appointed senior adviser to the planemaker's board amid the 737 Max crisis in May, will retire at the end of the year. The 737 Max has been grounded since March after two crashes in Indonesia and Ethiopia killed 346 people within a span of five months. Chairman David Calhoun, a former General Electric executive who has been on Boeing's board since 2009, replaced Muilenburg as the chief executive officer effective Jan. 13.

The beaten-down stock closed Monday at its highest level in a week after another recent tumble. Nancy Tengler, chief investment officer at Laffer Tengler Management, says this is the turning point the stock needed. Mark Newton, founder of Newton Advisors, told CNBC by email that Boeing could take more time before getting back into gear. Its relative strength, a momentum measure, spiked to 91 in January 2018 any reading above 70 typically suggests overbought conditions. Disclosure: Tengler and Laffer Tengler Investments hold Boeing shares.

Uber (UBER), Lyft (LYFT) Uber and Lyft won a New York City court victory when a judge struck down a new rule that limits the time ride-hailing service drivers can cruise the streets of Manhattan without passengers. Spirit Airlines (SAVE) Spirit placed an order for 100 Airbus A320neo jets to be delivered through 2027, with options for 50 more. Netflix (NFLX) Netflix CEO Reed Hastings is in line for $34 million in stock options for 2020 on top of his $650,000 annual salary, according to a Securities and Exchange Commission filing. Tesla (TSLA) Tesla shares remain on watch after the automaker's shares hit an all-time high Monday. Advanced Micro Devices (AMD) RBC Capital raised its price target on the chip maker's stock to $53 per share from $50, after raising full-year estimates.

Here are the stories you shouldnt miss today:TOP STORIESWhy Boeings CEO Had to GoBoeing Co.'s approach to making the 737 Max jetliner was supposed to save money and help it compete with rival airplane maker Airbus. AdvertisementMuilenburg became CEO a few years after the company had decided to create the Max by modifying its 1960s-era 737 airplane design. A note to our readers: This newsletter will be off the rest of the week. Newsletter Get our Today's Headlines newsletter SubscribeAdvertisementFROM THE ARCHIVESIt happened one Christmas Eve a long time ago in a place called Oakland on a newspaper called the Tribune with a city editor named Alfred P. Reck. If you like the Todays Headlines newsletter, please share it with friends.

Boeing ousted CEO Dennis Muilenburg, saying Monday it replaced him with the company's chairman as the nation's biggest manufacturing exporter struggles to regain the trust of regulators, customers and the public in the wake of two fatal crashes of its bestselling plane, the 737 Max. Muilenberg stepped down immediately, and Chairman David Calhoun, 62, will become CEO on Jan. 13. Boeing declined to comment on Muilenburg's severance, but a filing earlier this year showed he could be eligible for around $39 million. Boeing shares gained nearly 3% on Monday after Boeing announced the changes but are still down 20% since the second 737 Max crash in March. The FAA declined to comment on Muilenburg's firing but said the agency continues to work with other international aviation safety regulators to review the proposed changes.

Boeing announced Muilenburg's firing Monday morning as the Chicago-based aviation giant struggled to regain the trust of regulators who need to certify the 737 Max. Former Boeing CEO Dennis Muilenburg had to be fired in order for the 737 Max jet to receive regulatory approval, CNBC's Jim Cramer said Monday. The 737 Max has been grounded worldwide since March after two of them crashed one in October 2018 and the other in March killing 346 people in total. But the Federal Aviation Administration has repeatedly said it will take all the time it needs to deem the 737 Max safe. "You simply had to get Muilenburg out to get this process going," Cramer said.

Traders work on the floor at the New York Stock Exchange. Brendan McDermid | ReutersDow Jones Industrial Average rises 96 pointsThe Dow jumped 96.44 points, or 0.34%, to end the day at 28,551.53. The S&P 500 climbed 0.09, hitting another all-time high of 3,224.01. The S&P 500 is up more than 28% for 2019 through Friday, about 1 percentage point away from 2013s gain of 29.6%. Boeing shares jumpShares of Boeing jumped 2.91% after the Chicago-based aviation giant ousted CEO Dennis Muilenburg, effective immediately.

Check out the companies making headlines in midday trading:Boeing Shares of Boeing jumped 2.9% after the Chicago-based aviation giant ousted CEO Dennis Muilenburg, effective immediately. Cincinnati Bell Shares of Cincinnati Bell surged nearly 35.4% after the communication systems provider said it has agreed to be acquired by Brookfield Infrastructure Partners in a deal valued at about $2.6 billion including debt. Under the deal's terms, Cincinnati Bell shareholders will receive $10.50 per share in cash, 36% higher than Cincinnati Bell's Friday close. Sarepta Therapeutics Shares of Sarepta rose 7.5% on Monday morning after the company announced that it was licensing a gene therapy internationally to Roche. Sarepta still has the rights to the therapy, which is used to treat Duchenne muscular dystrophy, in the United States.

Boeing CEO Dennis Muilenburg is the latest casualty in a string of chief executive exits this year. Boeing Chairman David Calhoun will replace Muilenburg as CEO of the embattled manufacturer on Jan. 13. CFO Greg Smith will serve as the interim chief executive until then. Notably, Boeing is maintaining its decision to keep its chairman and CEO positions under the control of two separate individuals. Some corporate governance experts have advocated that companies should split the CEO and chairman roles in order to have better oversight.

John Hamilton, left, chief engineer of Boeings Commercial Airplanes division, and Dennis Muilenburg, CEO of Boeing, testify during the House Transportation and Infrastructure Committee hearing examining the design, development, and marketing, of the Boeing 737 Max jet in Rayburn Building on Wednesday, October 30, 2019. Boeing Commercial Airplanes chief engineer John Hamilton , who was leading the response to the 737 Max crisis, is retiring, CNBC confirmed Wednesday. Lynne Hopper, vice president of Engineering for Commercial Airplanes, will take over the chief engineer role, and will continue to support Boeing's Max efforts, the company said. Hamilton testified before Congress along with Boeing CEO Dennis Muilenburg, who was removed by the company's board as chairman in October so he can focus on running the company after the 737 Max crisis. The Federal Aviation Administration is planning to review hundreds of new Boeing 737 Max planes individually before they can be delivered to customers, an added wrinkle into the already-delayed certification of the jetliners, grounded since mid-March after two fatal crashes.

Please refresh the page if you do not see a player above at that time.] Boeing CEO Dennis Muilenburg is slated to speak Wednesday at The New York Times DealBook Conference in New York. The aerospace and jet executive is expected to discuss how c-suites best navigate times of turmoil at the helm of a large public company. A flight-control system known as MCAS that Boeing included on the jets has been implicated in both crashes. Subscribe to CNBC on YouTube.

Boeing's embattled CEO expressed regret Wednesday over not grounding its 737 Max planes after the first deadly crash a year ago and said the company would more readily ground planes in the event of future problems. We're always going to be a company that's going to look at the data behind what occurs and make good, solid decisions." A Lion Air 737 Max crashed in Indonesia in October 2018, killing all 189 people aboard. Five months later, an Ethiopian Airlines 737 Max went down in Ethiopia, killing all 157 people on the plane. All 737 Maxes have been grounded since then as Boeing works to redesign a flight-control system blamed in the crashes.

Consumer advocate Ralph Nader on Wednesday indicated there could be a path for Boeing to get its 737 Max back in service in an apparent softening of his previous position that the jets should never fly again. The entire worldwide 737 Max fleet was grounded just days after Ethiopian disaster. Investigators looking into the cause of the crashes point to an issue with the 737 Max flight-control program, known as MCAS. In Wednesday's interview on CNBC's "Squawk Box," Nader said, "What Boeing really should do is make public its technical details and its fixes." Nader was not moved by Calhoun, a longtime Boeing board member and Blackstone executive.

(CNN) - Boeing CEO Dennis Muilenburg will not get stock or bonuses that provide most of his compensation, according to the new chairman of the company. In 2018, he received total compensation of $23.4 million, of which $20.4 million was in the form of stock and bonuses. Calhoun said that Muilenburg will receive no stock grants until the plane, grounded since March, is fully back in service. He said that process, which includes deliveries of about 400 planes that Boeing has built during the grounding but not yet delivered, won't be completed until early 2021. But he added that the Boeing board believes Muilenburg has done everything right during this crisis and that he still has the confidence of the board.

Boeing's new chairman gave Dennis Muilenburg a vote of confidence on Tuesday and said the embattled CEO has offered to forgo all bonuses this year as the company grapples with the fallout of two crashes of the 737 Max. Another nearly new 737 Max crashed in Ethiopia less than five months later. Muilenburg told lawmakers last week that the company made mistakes on the 737 Max and repeatedly apologized. Muilenburg, a three-decade Boeing employee who became CEO in 2015, could forgo bonuses even longer. Last week's two days of hearings were tough for Muilenburg, Calhoun said.

Dennis Muilenburg, chief executive officer of Boeing Co., listens during a Senate Commerce, Science and Transportation Committee hearing in Washington, D.C., U.S., on Tuesday, Oct. 29, 2019. In 2005, 30% of chairman and CEO roles at companies in the S&P 500 were split, according to Institutional Shareholder Services, a proxy advisory firm. "From the vantage point of our board, Dennis has done everything right," Calhoun said. Wells Fargo, for example, formally split the roles of chairman and CEO in late 2016 as it grappled with a sales-practices scandal. An AT&T spokesperson, however, said the board decided it would break up the CEO and chairman roles more than a year ago.

CNBC's Jim Cramer said Tuesday that candid remarks from Boeing's chairman earlier on "Squawk Box" eased some of his concerns about the embattled aircraft maker. "A lot of my worries were put to rest," said the "Mad Money" host, shortly after Boeing's David Calhoun was interviewed. Calhoun, who replaced Muilenburg as chairman last month, said, "From the vantage point of our board, Dennis has done everything right." Even so, Calhoun said Boeing can handle the "fair number of settlements" that it's likely to pay. "If you don't feel better about Boeing after this interview, I guess you just have it in for Boeing."

WASHINGTON (Reuters) - The chairman of the U.S. House Transportation and Infrastructure Committee and the head of its aviation subcommittee said on Monday that it will continue its investigation into two fatal 737 MAX crashes after Boeings testimony prompted new questions. FILE PHOTO: Boeing Chief Executive Dennis Muilenburg testifies before the House Transportation and Infrastructure Committee during a hearing on the grounded 737 MAX in the wake of deadly crashes, on Capitol Hill in Washington, U.S., October 30, 2019. Our investigation shows that from almost the start, Boeing had a bad design on MCAS with a single point of failure. Then, Boeing couldnt even meet its own design requirements. MCAS was fundamentally flawed, and according to Boeings own analysis, could result in catastrophic consequences in certain cases, the letter said.

The Boeing 737 Max aircraft has the potential to be a "game changer" despite its delayed return to service following safety concerns, Ryanair CEO Michael O'Leary said Monday. The first of Ryanair's 737 Max orders was due in January, but the embattled aircraft has faced repeated delays. Speaking in a video presentation Monday morning, O'Leary said the carrier had now reduced its expectation of 30 737 Max aircraft being delivered for the summer of 2020 down to 20, adding that there is a "real risk of none," Reuters reported. Boeing CEO Dennis Muilenburg told a Congressional hearing last week that the manufacturer has fixed the aircraft's maneuvering characteristics augmentation system (MCAS) to allow pilots to override it. The original MCAS system had been at the center of safety concerns which arose after Lion Air and Ethiopian Airlines crashes killed a combined 346 passengers and flight crew.

Sarah Silbiger | ReutersIn two combative hearings on Capitol Hill last week, lawmakers pressed Boeing's CEO Dennis Muilenburg on why he hasn't given up his pay after two fatal crashes of its 737 Max planes that killed 346 people. Replacing Muilenburg would fall to Boeing's board, which stripped him of his chairmanship on Oct. 11 but expressed "full confidence" in him as CEO. But a challenge to replacing Boeing's Muilenburg amid the 737 Max crisis is finding someone who can both do the job and who would want it, potentially from outside the company. DeFazio blamed Boeing's design and sales approach of the 737 Max on investor pressure. "We will not work the 737 Max until and unless we have full assurance from regulators around the world, our colleagues in the flight deck, engineers, and our airlines that the 737 Max is safe," Nelson said in a statement.

"I think Boeing is hugely important to the economy," Cramer said on "Squawk Box." Concerns about Boeing are not isolated to just the 737 Max. The problems with the 737 Max and the refueling tankers raise questions about Boeing's fitness for future government contracts, Garamendi said. On Friday, Australia's Qantas Airways said it is grounding three of its Boeing 737 NG jets which is different from the 737 Max after it found cracks in the wings of three planes. "Boeing's got to get this behind them, and this was a very tough week for what I regard as America's greatest company," Cramer said.

Boeing CEO Dennis Muilenburg is back on Capitol Hill on Wednesday for a second congressional hearing at 10 a.m. ET about two deadly crashes of the 737 Max. At one tense moment in the hearing, Sen. Richard Blumenthal, D-Conn., equated the 737 Max to "flying coffins." A key issue is how Boeing marketed the 737 Max to customers around the world, promising minimal training for pilots to transition from older models of the 737, which Boeing first introduced in 1967. Before the 737 Max debuted, airline pilots received computer-based training to transition from older models of the plane.

Boeing CEO Muilenburg exits House testimony: 'We know what we need to fix'Boeing CEO Dennis Muilenburg speaks with CNBC's Phil Lebeau as he leaves Capitol Hill following a long day of testimony before a House committee.

Regulators around the world banned airlines from flying the planes after the crashes. Boeing has changed the planes' system so that they rely on two sensors instead of one. The sensors, which measure the angle of attack, or angle of the plane relative to oncoming air, feed an anti-stall system on the 737 Max. "Are we vulnerable to single AOA sensor sensor failures with the MCAS implementation or is there some checking that occurs?" Rep. Peter DeFazio, D-Ore., who is chairman of the House committee, asked Muilenburg.

Boeing CEO Dennis Muilenburg on Wednesday faced a second straight day of congressional questioning on the aircraft maker's role in two deadly crashes involving its 737 Max plane. Muilenburg said he only became aware of the worker's concerns after the Lion Air 737 Max crash October 29. This week's hearings are taking place one year after a 737 Max crashed off the coast of Indonesia and more than seven months after a second crash in Ethiopia. Muilenburg and Boeing's chief engineer for commercial airplanes, John Hamilton, spent about 80 minutes at the Senate witness table. The committee then heard from two safety officials who helped shape reports about the Boeing plane.

Boeing CEO Dennis Muilenburg was grilled about his salary on Wednesday, the second day of congressional hearings about the company's 737 Max jets, which were involved in two fatal crashes. Cohen asked if anyone at the company had taken a pay cut amid the grounding of the 737 Max. "You're saying you're not giving up any compensation at all," Cohen asked Muilenburg. Muilenburg earned total compensation of just under $23.4 million for 2018, according to a Securities and Exchange Commission filing. He also cashed in delayed stock payouts from previous years, bringing his total actual compensation for the year to $30 million.

Boeing CEO faces victims' families in second day of Capitol Hill testimony Boeing CEO Dennis Muilenburg on Wednesday faced a second straight day of congressional questioning about the company's 737 Max planes -- two of which crashed, killing 346 people. He also acknowledged the victims' families who attended the hearing in Washington, D.C.

Boeing CEO Dennis Muilenburg is testifying before a Senate panel Tuesday, his first appearance in Congress since two 737 Max crashes that took place over the last year. While Boeing's stock has performed woefully over the last month, options traders think Muilenburg's testimony might just lead to a bit of a relief rally. That's not something we've been conventionally seeing in Boeing as of late," Michael Khouw, president of Optimize Advisors, said Monday on "Fast Money." "Buyers of those calls are hoping the stock gets a bounce above $350 by at least the $1.60 that they paid after we see the CEO testify," Khouw said. Indeed, these call contracts cost only 0.5% of the current stock price, and since they expire Friday, it doesn't look like these traders are willing to bet on this bounce lasting too long.

Stocks to open lower, after S&P 500 record, with Nasdaq on track for biggest lossTraders work on the floor at the New York Stock Exchange, October 28, 2019. Brendan McDermid | ReutersU.S. stock futures were under pressure Tuesday, a day after the S&P 500 hit an all-time high. Nasdaq futures were indicating the biggest decline at the open following Alphabet's lower-than-expected third-quarter earnings late Monday. Pfizer and Merck rise after drugmakers report rosy earningsDow stocks Pfizer and Merck were moving higher as both American drug giants reported better-than-expected quarterly earnings and revenues. However, the stock came under pressure after the company said it would need to offer more discounts to deal with growing competition.

Boeing CEO Dennis Muilenburg is testifying before a Senate panel on Tuesday, the anniversary of the Lion Air 737 Max crash that killed 189 people, in his first appearance before Congress since the two crashes. The two crashes prompted a worldwide grounding of the 737 Max, Boeing's bestseller. Muilenburg took remorseful tone with lawmakers, according to prepared testimony released before the Senate Commerce Committee hearing. Muilenburg is appears with John Hamilton, a Boeing vice president and chief engineer of Boeing's commercial aircraft unit. More than a dozen family members of victims plan to attend the hearings and meet with Muilenburg afterward.

Boeing executives admitted to lawmakers in a tense hearing on Capitol Hill on Tuesday that the company made mistakes in developing its troubled 737 Max plane, grounded worldwide after two crashes killed 346 people. An Ethiopian Airlines 737 Max crashed in March, less than five months later, killing all 157 people on board. Sen. Maria Cantwell, D-Wash., the state where the 737 Max is produced, asked Muilenburg and the commercial airplane unit's chief engineer whether its safety assumptions and assessments were wrong. In both crashes, pilots battled the system that repeatedly pushed the nose of the planes down. Hamilton said Boeing didn't "specifically" test an unintended activation of the system because of an issue with an angle-of-attack sensor.

Boeing's beleaguered CEO Dennis Muilenburg declined to say Tuesday whether he'll resign following two fatal crashes of the company's best-selling 737 Max jets that have thrown the company into crisis over the last year. Muilenburg told reporters ahead of a Senate hearing Tuesday that he is focused on the safety of the company's aircraft. "My focus is on the job at hand," he said. When asked whether there have been discussions with the board about whether he should step down Muilenburg said: "Those aren't discussions I'm involved in or is that my focus." The head of the commercial airplane unit, which makes the 737 Max, was ousted last week.

Tuesday was the one-year anniversary of the first of two crashes involving Boeing 737 Max jets that killed a total of 346 people. Testifying to the Senate Commerce Committee, Muilenburg was repeatedly questioned about what Boeing knew about the safety issues of the 737 Max and when it knew of them. About a dozen family members of those lost in the two 737 Max crashes were seated in the third row behind Muilenburg. Muilenburg said he didn't have knowledge of any plans by Boeing's board to force him to step aside when the problems with the 737 Max are fixed. But he said he was confident Boeing would be able to get the 737 Max, which has been grounded since mid-March, certified to fly again.

The crashes prompted a worldwide grounding of the 737 Max, Boeing's bestseller. The near brand-new 737 Max went down shortly after takeoff, killing all 157 on board. Another new 737 Max, operated by Ethiopian Airlines, crashed at a similar stage in flight in March. Boeing and airlines have said that pilots will be a key part of ensuring passengers are comfortable flying on the 737 Max. A review by international air safety regulators, commissioned by the FAA found that more certification work for the 737 Max was outsourced to Boeing than originally planned.

Boeing CEO Dennis Muilenburg plans to tell lawmakers Tuesday that the manufacturer made mistakes with its 737 Max, its best-selling plane that is grounded worldwide after two fatal crashes that killed 346 people. "We know we made mistakes and got some things wrong," Muilenburg said in written testimony ahead of two congressional hearings about the design and marketing of the planes. The hearings will be Muilenburg's first hearings on Capitol Hill since the crashes. Boeing has developed software fixes for a flight-control system on board the planes that pilots said they didn't know existed until after the first crash. The crashes have forced Boeing to halt deliveries and slash production of the planes.

WASHINGTON (Reuters) - Two Democrats on the U.S. Senate Commerce Committee on Thursday introduced legislation to mandate numerous aviation safety recommendations in the wake of two fatal Boeing 737 MAX crashes that killed 346 people and led to the planes grounding in March. FILE PHOTO: A worker walks past unpainted Boeing 737 MAX aircraft seen parked in an aerial photo at Renton Municipal Airport near the Boeing Renton facility in Renton, Washington, U.S. July 1, 2019. Congress and independent panels have been looking at the performance of a key anti-stall safety system tied to the two fatal crashes known as MCAS. The bill would direct the FAA to adopt recommendations made by the National Transportation Safety Board (NTSB), the Transportation Departments Inspector General and ICAO. The bill would also create an FAA Center of Excellence dedicated to studying flight automation and human factors in commercial aircraft.