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Boeing Shares Edge Up

Published 12/07/2017, 01:22 PM
Updated 03/09/2019, 08:30 AM

American aircraft manufacturer Boeing Co. (NYSE:BA) traded 0.99% during Wednesday’s closing session at $278.27 per share. Shares of the company were still higher by almost one percent despite news of Canada reportedly canceling a deal for a fighter jet due to its recent issue with Canadian company Bombardier Inc. (TO:BBDb). The said deal was expected to bring in around $6 billion for the company.

Canada reportedly planned to buy eighteen Boeing Super Hornet fighter jets along with plans to buy used F-18 fighter jets fleet from Australia.

Shares of Boeing has been projected to rise further in the coming months during the past weeks by analysts due to the robust demand for its commercial aircraft.

Boeing shares have gone up by almost 70% this year which supported the upbeat outlook on the stock of the company leading into more investors flocking into investing in the stock of the company.

Over the past quarter, Boeing has been receiving an increasing number of orders for its aircraft which is set for delivery in the next ten years. Recent reports have projected that order for Boeing jets may grow by 6% every year in the next decade with analysts maintaining a high buy rating and one-year price target.

Despite the weak third quarterly earnings from the company, investors have remained positive about the growth of the company due to more and more travel and airlines going with Boeing planes for their operations.

On Thursday, Boeing and Turkish Airlines celebrated the delivery of Turkish airlines first 777 Freighter which happens to be the longest-range twin-engine freighter in the world which will help the airline’s cargo business expansion. Turkish Airlines also has a second pending order for the said freighter.

One of the most recent deals that the American aircraft company has received was an agreement to deliver 300 planes to China Aviation Suppliers Holding Company by the year 2023. The agreement would bring in around $37 billion for the company on top of the already ongoing $4 billion order which was agreed upon earlier.

Boeing has also reached a $12 billion deal between the United States and the Defense Department of Qatar for F-15 fighter jets.

Boeing has recently announced that it would be increasing its operations through employing several hundred in the coming months. The company has been known to have cut back its employment numbers by more than 20,000 in the past five years in their efforts to cut costs and promote efficiency.

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