Boeing shares gain for a second straight session on Friday, company to take $124 million charge associated with production facility sale

According to a statement by Boeing Company (BA) on Friday, the plane maker expects to take a charge of $124 million (or $0.21 per share) during the second fiscal quarter, which is associated with the sale of production facilities to Spirit Aerosystems.

Boeing shares closed higher for a second consecutive trading session in New York on Friday. The stock went up 1.38% ($4.76) to $350.79, after touching an intraday high at $351.24, or a price level not seen since June 18th ($357.64).

Shares of Boeing Company have surged 18.95% so far in 2018 compared with a 4.78% gain for the underlying index, S&P 500 (SPX).

In 2017, Boeing’s stock soared 89.43%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

The news followed a ruling by the Delaware Supreme Court, according to which Boeing will not be given the right to recover certain costs related to the sale of its production facilities in Wichita, Kansas to Spirit Aerosystems in 2005.

The US plane manufacturer is to report second-quarter earnings on July 25th. The median forecast by analysts points to earnings of $3.45 per share.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $400.00, with a high estimate of $500.00 and a low estimate of $309.00. The median estimate represents a 14.03% upside compared to the closing price of $350.79 on July 13th.

The same media also reported that 14 out of 25 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 8 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, Mondays levels of importance for the Boeing stock are presented as follows:

R1 – $351.25
R2 – $351.71
R3 (Range Resistance – Sell) – $352.18
R4 (Long Breakout) – $353.56
R5 (Breakout Target 1) – $355.18
R6 (Breakout Target 2) – $355.90

S1 – $350.33
S2 – $349.87
S3 (Range Support – Buy) – $349.40
S4 (Short Breakout) – $348.02
S5 (Breakout Target 1) – $346.40
S6 (Breakout Target 2) – $345.68

By using the traditional method of calculation, the weekly levels of importance for Boeing Company (BA) are presented as follows:

Central Pivot Point – $346.18
R1 – $355.85
R2 – $360.91
R3 – $370.58
R4 – $380.25

S1 – $341.12
S2 – $331.45
S3 – $326.39
S4 – $321.33