Boeing Stock Is Gaining Monday: What's Going On?
Key takeaways
- Boeing Co. stock is gaining on Monday, driven by the delivery of the first 737 MAX aircraft to Tajikistan and a strong revenue performance.
- Boeing's total backlog increased to a record $715 billion, including more than 6,200 commercial airplanes.
- Boeing's revenue rose 8% year over year to $24.56 billion, exceeding the consensus estimate of $24.245 billion.
- Boeing's adjusted loss was 76 cents per share, wider than analysts' estimate of a 30-cent loss.
What happened
Boeing Co. stock is gaining on Monday, with shares up 1.76% in premarket trading, driven by the delivery of the first 737 MAX aircraft to Tajikistan's national carrier, Somon Air.
Why it matters
The delivery marks a significant milestone in Boeing's fleet upgrade push and follows the airline's commitment to purchase up to 14 Boeing 787 Dreamliner and 737 MAX aircraft. Boeing's total backlog has increased to a record $715 billion, including more than 6,200 commercial airplanes.
Short-term and longer-term
Short-term. Technical traders may watch resistance near $232 and support around $214, as the stock's gain is driven by its technical setup and the delivery of the 737 MAX aircraft to Somon Air.
Longer-term. Over the next few months, the question for Boeing is whether this changed the longer case, or it is one event in a longer story.