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Boeing (BA) Soars 4.2%: Is Further Upside Left in the Stock?
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Boeing (BA - Free Report) shares soared 4.2% in the last trading session to close at $211.61. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 22% loss over the past four weeks.
Boeing received an order for 150 of its 737 Max airplane from India based carrier Akasa Air. This fresh order from the Indian airliner provided a much relief to Boeing, which is under enquiry for a fuselage panel blowout on one of its 737 Max 9 airplane.
Boeing despite the controversies ended 2023 with net order of 1,314 aircraft. The current backlog of Boeing orders stands at 5,626 aircraft, which indicates that its worldwide customers still have faith in the quality of Boeing's aircraft.
This airplane builder is expected to post quarterly loss of $0.70 per share in its upcoming report, which represents a year-over-year change of +60%. Revenues are expected to be $21.29 billion, up 6.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Boeing, the consensus EPS estimate for the quarter has been revised 76.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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.
Boeing is part of the Zacks Aerospace - Defense industry. Spire Global, Inc. (SPIR - Free Report) , another stock in the same industry, closed the last trading session 1.2% higher at $6.66. SPIR has returned -6.8% in the past month.
Spire Global, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.61. Compared to the company's year-ago EPS, this represents a change of +23.8%. Spire Global, Inc. currently boasts a Zacks Rank of #3 (Hold).
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Boeing (BA) Soars 4.2%: Is Further Upside Left in the Stock?
Boeing (BA - Free Report) shares soared 4.2% in the last trading session to close at $211.61. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 22% loss over the past four weeks.
Boeing received an order for 150 of its 737 Max airplane from India based carrier Akasa Air. This fresh order from the Indian airliner provided a much relief to Boeing, which is under enquiry for a fuselage panel blowout on one of its 737 Max 9 airplane.
Boeing despite the controversies ended 2023 with net order of 1,314 aircraft. The current backlog of Boeing orders stands at 5,626 aircraft, which indicates that its worldwide customers still have faith in the quality of Boeing's aircraft.
This airplane builder is expected to post quarterly loss of $0.70 per share in its upcoming report, which represents a year-over-year change of +60%. Revenues are expected to be $21.29 billion, up 6.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Boeing, the consensus EPS estimate for the quarter has been revised 76.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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 >>>>
Boeing is part of the Zacks Aerospace - Defense industry. Spire Global, Inc. (SPIR - Free Report) , another stock in the same industry, closed the last trading session 1.2% higher at $6.66. SPIR has returned -6.8% in the past month.
Spire Global, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.61. Compared to the company's year-ago EPS, this represents a change of +23.8%. Spire Global, Inc. currently boasts a Zacks Rank of #3 (Hold).