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Boeing Shares Rose 2% Last Week, Cementing Its Place as DJIA's Top Performer
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Boeing Co.’s (NYSE: BA) share price rose by 1.7% last week, maintaining the stock’s stranglehold as the best performer among the 30 stocks that make up the Dow Jones Industrial Average. Shares added $4.37 last week to increase the year-to-date gain by nearly three percentage points to 66.1%.
Among the Dow stocks, 24 have posted year-to-date gains with the best — other than Boeing — being Caterpillar Inc. (NYSE: CAT), up 36.87%; Visa Inc. (NYSE: V) up 36.8%; Apple Inc. (NASDAQ: AAPL), up 34.09%; McDonald’s Corp. (NYSE: MCD), up 31.12%.
Boeing capped a solid week of gains late Friday with the news that the U.S. Department of Commerce found that Bombardier had indeed dumped its CS-100 passenger jet. The department accepted Boeing’s recommendation for a tariff of 79.82% to be charged for every CS-100 imported into the United States. Canada and Bombardier have not indicated if or to what body an appeal might go, but there are a few options, as we’ve noted before.
Last Thursday Boeing announced that it delivered 202 new commercial aircraft in the third quarter. The company also announced its acquisition of Aurora Flight Systems, a drone maker, for an undisclosed price.
Finally on Thursday, hybrid-electric aircraft maker Zunum Aero, in which both Boeing and JetBlue have invested, announced that the company’s first product will be a 12-passenger regional jet designed to fly up to 700 miles at a top speed of 340 mph.
Boeing stock closed at $258.58 on Friday, down about 0.1% on the day, in a 52-week range of $131.39 to $259.30. The 12-month consensus price target was unchanged last week at $268.85. The low price target is $187 and the high is $325.00. Boeing has announced that it will announce third-quarter results before U.S. markets open on October 25.
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