Boeing Co. (NYSE: BA) held on to its place last week as the top-performing Dow Jones industrial average stock for the year to date. The company’s shares added about 2.5% during the past week to post a 22.1% gain since the beginning of the year.
The second-best performer among the Dow industrials so far this year is Intel Corp. (NASDAQ: INTC), which is up about 20.1%. That is followed by Nike Inc. (NYSE: NKE), up 15.5%, Visa Inc. (NYSE: V), up 15.1%, and Microsoft Corp. (NASDAQ: MSFT), up 15%. Of the 30 stocks comprising the Dow index, only 11 have posted year-to-date gains as of Friday’s close.
The Dow added just 38 points over the course of last week to close at 24,753.09, essentially flat for the week. For the year to date, the tech sector has added 10.5%, best among the 10 market sectors.
Boeing’s week got off to a rocky start with a crash in Cuba that claimed 111 lives. The cause of the crash of the chartered Boeing 737 is being investigated. The aircraft, a 737-200, was built in 1979 and was owned by a Mexico-based charter company that operates an aging fleet of planes, and questions arose almost at once over the company’s operations and attention to safety requirements.
In the week ahead the company faces another vote at its North Charleston, South Carolina, plant for union representation. More than a year ago, 74% of the plant’s 2,700 workers rejected union representation. Boeing has strenuously resisted efforts to unionize the plant, efforts that have paid off so far.
The company also received Federal Aviation Administration certification for the folding wing the company uses on its new 777X aircraft, the 777-8 and 777-9. The company claims the 777X is on track for its first test flight next year and first delivery to a customer in mid-2020.
Boeing’s shares closed up about 0.3% Friday to $360.09, in a 52-week range of $184.53 to $371.60. The consensus 12-month price target on the stock is $396.67, up more than $9 week over week, and the forward price-earnings ratio is 21.02.
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