July 07, 2008 at 1:00 pm by Tom Lydon
Boeing (BA) and exchange traded funds (ETFs) that hold the company may be ready for take off, as they just posted their highest quarterly plane shipment in almost seven years.
For the first time in 10 days on Thursday, Boeing shares rose, and ended the long run in declines since 1983, reports Susanna Ray for Bloomberg. The company delivered 126 planes from April to June, an 11% rise from the same quarter the year before. The latest total included 100 of the 737 models as the backlog is beginning to lighten.
The previous Dreamliner program was paced on hold and caused Boeing to loose one-third of its original value. ETFs that may lift off with this good news and continued strong numbers from Boeing include:
- PowerShares Aerospace and Defense (PPA): down 18.4% year-to-date; Boeing is 7.7%
- iShares Dow Jones Aerospace and Defense (ITA): down 20.8% year-to-date; Boeing is 8.6%
Tags | Aerospace & Defense, Transportation
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