Boeing's 737 production cut hits its shares and those of suppliers

An Ethiopian Airlines Boeing 737 Max 8 sits grounded at Bole International Airport in Addis Ababa

The move came after two deadly crashes over the past six months both involving 737 Max aircraft and killing a combined 346 people.

The ongoing disruption in air travel comes as Boeing apologized last week for the fatal crashes of two MAX 8 aircraft in recent months-last month's Ethiopian Airlines Flight 302 and Indonesia's Lion Air Flight 610 in October-which together killed almost 350 people.

American Airlines has announced that it will cancel all Boeing 737 MAX flights through to June 5th.

Since it has paused deliveries of new planes, the company is stockpiling finished Boeing 737 MAXs in Renton factory.

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Boeing said Friday that it will cut production of the Max jet, its best-selling plane, underscoring the mounting financial risk it faces the longer the airliner remains grounded.

Preliminary reports into accidents in Indonesia and Ethiopia found that faulty sensor readings erroneously triggered an anti-stall system that pushed the plane's nose down.

Investigators said this week that pilots on the Ethiopian Airlines flight attempted to follow procedures to disable the flight-control system that Boeing had laid out after the Lion Air crash. The airline acknowledged in a statement that the prolonged cancellations could bring disruption for some travelers.

Legal complaints are mounting, with consumer advocate Ralph Nader urging a recall of the Max on behalf of his grand-niece who died in the Ethiopian Airlines crash.

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Rolls-Royce has also been under pressure after Singapore Airlines said it would ground two Boeing 787-10 models because of problems with the engine maker's Trent 1000 engine.

In addition to the initial 737 Max delays, BofA estimates it will take Boeing through 2021 to catch up to delivery orders for the aircraft. In 2013, the aircraft manufacturer paid an undisclosed amount to airlines in response to the grounding of Boeing 787 Dreamliner aircraft. "We own it and we know how to do it".

"We are confused, frustrated and disappointed with the situation", said Merdian Agustin, whose husband was killed in the Lion Air crash.

Meanwhile the firm's board, upon the CEO's request, has set up a committee in charge of reviewing company-wide policies and processes for the design and development of Boeing planes.

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"We have chose to temporarily move from a production rate of 52 airplanes per month to 42 airplanes per month starting in mid-April", CEO Dennis Muilenburg said in a statement Friday.

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