Even though Boeing Co.’s (NYSE: BA) share price dipped by 0.9% last week, the stock remains the best performer among the 30 stocks that make up the Dow Jones Industrial Average (DJIA). Shares dropped $2.24 last week to lower the year-to-date gain by more than a full percentage point to 63.3%.
Among the Dow stocks, 23 have posted year-to-date gains with the best — other than Boeing — being Visa Inc. (NYSE: V), up 34.9%; Caterpillar Inc. (NYSE: CAT), up 34.5%; Apple Inc. (NASDAQ: AAPL), up 33.1%; and McDonald’s Corp. (NYSE: MCD), up 28.7%.
Boeing notched an expected win on Tuesday with a ruling by the U.S. International Trade Commission (ITC) that Canadian aircraft maker Bombardier illegally dumped 75 new planes in a sale to Delta Air Lines. What was not expected was the recommended 219% countervailing duty (tariff) set by the ITC, nearly three times the 79% Boeing had sought.
The ITC ruling clears the way for the U.S. Department of Commerce to impose a tariff on the importation of the 75 CS-100 Bombardier passenger jets. A decision is expected in mid-December, and if further review supports last week’s ruling, the final decision will be handed down in mid-February. Bombardier still has several avenues of appeal but has not indicated if or when it would decide what it plans to do next.
Boeing also added 58 new orders last week for unspecified models of its 737 single-aisle jet to unidentified customers. The company’s backlog of undelivered 737s now totals nearly 4,500. Boeing currently builds 47 of the planes every month and plans to increase that number to 52 per month next year.
Boeing stock closed at $254.21 on Friday, essentially flat for the day, in a 52-week range of $130.74 to $259.30. The 12-month consensus price target rose by $2 a share last week to $268.85. The low price target is $187 and the high is $325.