Boeing shares back on winning track after 1.6% surge

Boeing Company

Shares of Boeing Company in the US stock market were back on its winning ways after a tumultuous week as the firm’s stock gained almost 2% on Thursday trading to help the Dow Jones Industrial Average closed at record territory.

Boeing shares registered 1.6% gain on a thick trading to settle at $262.63, or $4.13 per share, to end as the best performer among the 30 blue chip companies under DJIA.

It was a good recovery for the Chicago-based company after suffering big losses in the previous week, following the firm’s launch of its third quarter earnings, which showed a pair of revenue declines in its two key businesses.

The space and craft firm posted 1% and 5% slowdown in its revenue from commercial airplanes and defense and security units, while totaling $329 million aggregate costs in the two segments. For the past three months ending September, the firm has sold 202 commercial planes, a company’s record.

Boeing shares continued its losing streak in the stock market up to this week but finally regained its footing on Thursday, to erase more than 3% of weekly loss.

The surge yesterday steered the Dow to record high after it edged 80 points higher, or 1%, to close at 23 516.26. The blue-chip index touched its record intraday high before paring some gains at the close.

Despite a sluggish week, Boeing shares remained a frontrunner in the aerospace industry with more than 70% gain or 25 times of its forward earnings.


Leave a Reply

Your email address will not be published.