Boeing’s stronger-than-expected earnings numbers this morning cleared aerospace and defense exchange traded funds (ETFs) for takeoff.
Boeing (BA) is the world’s second-largest commercial airplane manufacturer, reports Ashley M. Heher for the Associated Press. Its earnings grew 38% in the first quarter, beating Wall Street estimates, but sales missed expectations.
Boeing is 8.5% of iShares Dow Jones US Aerospace & Defense (ITA), which is down 9.8% year-to-date. It’s also 7.1% of the PowerShares Aerospace & Defense (PPA), down 10.8% year-to-date.
What are Boeing’s prospects down the line, though? The airlines are coming out with dismal numbers each day, and one would think this is going to put a dent into the number of orders they’ll place for new planes.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.