24/7 Wall St.

Boeing Posts Another 52-Week High, Remains DJIA’s Top Performer

Source: courtesy of United Parcel Service Inc.
Boeing Co.’s (NYSE: BA) share price rose by 1.5% last week, maintaining the stock’s top ranking as the best performer among the 30 stocks that make up the Dow Jones Industrial Average (DJIA). Shares added $4.01 last week to increase the year-to-date gain by nearly two percentage points to 70.1%.

Among the Dow stocks, 24 have posted year-to-date gains with the best — other than Boeing — being Caterpillar Inc. (NYSE: CAT), up 41.64%; Visa Inc. (NYSE: V), up 37.85%; McDonald’s Corp. (NYSE: MCD), up 36.63%; and Apple Inc. (NASDAQ: AAPL), up 34.91%; .

Last week got off to a rocky start when arch-rival Airbus announced that it would take a majority stake in Bombardier’s C Series program. The deal essentially kills the trade case Boeing raised against Bombardier. The U.S. Department of Commerce is not going to charge Delta or any other U.S. airline a tariff to “import” airplanes built in Alabama to another U.S. state.

On Friday, China Southern Airlines Co. Ltd. (NYSE: ZNH) said it had agreed to buy eight Boeing 777-300ERs and 30 737-8 aircraft for a total list price value of $5.65 billion. Singapore Airlines also announced that it had agreed to purchase 20 777-9s and 19 787-10s in a deal valued at $13.8 billion. Boeing has not yet confirmed either order.

Also on Friday, we noted a report that Boeing is considering resurrecting its mid-range passenger jet stalwart, the 767-300ER, as a result of discussions with customers interested in taking 50 to 60 of the aircraft. The last passenger version of the 767-300ER rolled off the line in 2014, although Boeing still offers a freighter version and uses another version of the plane as a basis for its new KC-46A Air Force tanker.

Boeing stock closed at $264.75 on Friday, up 2.2% on the day, in a 52-week trading range of $136.49 to $264.83. The high was posted Friday, and the 12-month consensus price target is now $276.18. The low price target is $187 and the high is $325.00. Boeing will announce third-quarter results on Wednesday.