Boeing (BA Quick QuoteBA - Free Report) shares ended the last trading session 7.5% higher at $202.38. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11.8% loss over the past four weeks.

Increased optimism among investors following possible regulatory clearance received for its 737 Max’s flight in China is likely to have driven Boeing’s shares. China's aviation regulator expects airlines to resume commercial operations with the Boeing 737 MAX by the end of this year or the beginning of next year, once the necessary modifications are done in the jets that are currently in storage. Surely this news comes as an important milestone for Boeing, particularly in the Asian aviation industry.

This airplane builder is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +100.4%. Revenues are expected to be $17.77 billion, up 16.1% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Boeing, the consensus EPS estimate for the quarter has been revised 62% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BA going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>