Boeing Co. (NYSE: BA) continues to hold on to its top ranking as the best performing stock for the year to date among the 30 equities that comprise the Dow Jones Industrial Average (DJIA). The stock added about 1.6% to its price last week, and shares are now up by more than 16% in the early days of 2018.
The second-best performer among the Dow 30 so far this year is UnitedHealth Group Inc. (NYSE: UNH), up nearly 13%, followed by Cisco Systems Inc. (NASDAQ: CSCO), just over 11% higher, and Visa Inc. (NYSE: V), up 10.8% for the year so far.
The Dow posted an all-time high of 26,616.71 on Friday, and that’s where the index closed the week, up about 224 points (about 0.85%) for the day. The index gained more than 2% last week.
The big news on Boeing this week came late Friday afternoon when the U.S. International Trade Commission (ITC) unanimously ruled against a U.S. Department of Commerce recommendation that would have slapped duties of around 300% on passenger jets imported from Canada. Details are scarce, but to say the ITC’s ruling was unexpected is a huge understatement.
The sale of 75 CS100 passenger jets by Canada’s Bombardier to Delta Air Lines early last year led to Boeing filing a trade case against Canada. Boeing had prevailed in every ruling along the way to yesterday’s reversal. Absent the imposition of import duties, none of the other rulings matter.
Boeing’s shares closed up less than 0.1% Friday, at $343.22 in a 52-week range of $160.82 to $352.23. The consensus 12-month price target on the stock is $346.50, up nearly $6.50 in the past week. The low end of the price target range is $240 and the high end is $435.