Boeing Co. (NYSE:BA) stock traded lower Wednesday, bucking gains in the broader market as investors weighed the company’s latest commercial aircraft data and its deal with Archer Aviation Inc. (NYSE:ACHR).
Boeing shares fell more than 1%, while the S&P 500 gained 0.26%. The Nasdaq Composite rose 1%, helped by strength in technology stocks.
Boeing Deal Could ‘Significantly Change’ Archer’s Profile
On Monday, Boeing and Archer signed agreements for Archer to acquire Wisk Aero, SkyGrid and Insitu. Archer said the all-stock deal could “significantly change the profile” of the company, with profitable Insitu generating more than $200 million in annual revenue and expected to contribute positive free cash flow.
Monthly Commercial Performance
Commercial aircraft activity remained solid in July, with Boeing delivering 53 jets during the month, five more than a year earlier.
The planemaker also booked 38 gross orders and recorded eight cancellations, taking year-to-date gross orders to 483 and orders net of cancellations and conversions to 438.
Boeing ended July with 6,791 total unfilled commercial aircraft orders. After ASC 606 accounting adjustments, its reported commercial backlog stood at 6,192 aircraft, down slightly from 6,202 at the end of June.
Longer-Term Trend Remains Positive
Despite Wednesday’s decline, BA remains above several closely watched moving averages.
The stock is about 3.7% above its 20-day simple moving average. It also trades roughly 4% to 5% above its 50-day, 100-day and 200-day averages.
BA formed a “golden cross” in June when its 50-day moving average moved above its 200-day average. Traders often view that pattern as a bullish longer-term signal.
The relative strength index stands at 54.69. That reading suggests the stock is neither overbought nor oversold.
BA faces near-term resistance around $232. A move above that level could support another leg higher. Support sits near $214, an area where buyers could step in during a deeper pullback.
Analysts Remain Bullish On Boeing
Wall Street remains positive. The stock carries a Buy consensus rating and an average price forecast of $273.13. Recent analyst moves include:
- Argus Research: Upgraded to Buy (Forecast $265.00) (Aug. 11)
- Tigress Financial: Buy (Raises forecast to $305.00) (Aug. 6)
- BNP Paribas: Upgraded to Outperform (Raises forecast to $300.00) (Aug. 3)
Boeing ETF Exposure
Boeing is a major holding in several aerospace and defense ETFs.
The iShares U.S. Aerospace & Defense ETF (BATS:ITA) has a 9.33% weighting in Boeing. The Invesco Aerospace & Defense ETF (NYSE:PPA) has an 8.27% weighting, while the iShares Defense Industrials Active ETF (NASDAQ:IDEF) has a 5.12% weighting.
That exposure means significant flows into or out of those funds can affect demand for Boeing shares.
BA Stock Price Activity: Boeing shares were down 1.26% at $230.31 at the time of publication on Wednesday, according to Benzinga Pro data.
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