Boeing stock is dropping in late trading. We are expecting Boeing earnings to be less than stellar that would typically cause a stock to dip, but market experts are predicting more bad news for investors. Recently Boeing has dealt with numerous 737 issues, but now the coronavirus outbreak is grounding the airline industry. The White House is reported to be considering suspending flights from China.
Boeing stock price is trending down and is near its 52 week low of 302.72. Shares are down roughly 13% from a 52 week period. It is currently below the SMA 20, SMA 50 and SMA 200. Technical indicators are showing a strong sell. Investors should look for a break below 309. This could signal a significant drop in stock price.
Big Movements – Investors should look for major moves on Boeing’s conference call at 10:30 Eastern time tomorrow.
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Banks and luxury goods made a recovery in European shares on Tuesday after heightened concerns about the potential impact on companies and the economy from the coronavirus virus in China saw the main index post its worst day in about 4 months.
U.K.’s benchmark FTSE 100 closed up by 0.93 percent, Germany’s Dax ended up by 0.90 percent, France’s CAC finished the day up by 1.07 percent. U.S. stocks rose on Tuesday as gains in technology and financial sectors helped major indexes recover from their worst selloff in about four months on worries over a coronavirus outbreak and its impact on the global economy.
Dow Jones closed up by 0.66 percent, S&P 500 ended up by 1.01 percent, Nasdaq finished up by 1.43 percent. Benchmark 10-year Treasury yields bounced off three-month lows on Tuesday, after a crucial part of the yield curve briefly inverted for the first time since October, as investors continued to assess the economic impact from a virus outbreak in China. Benchmark 10-year note yields fell as low as 1.57% overnight, the lowest since October 10, before rising back to 1.62%.
North American WTI Crude Oil continues to decline, reaching 22% of the maximum recorded on January 8. Commodity Futures Trading Commission data show a decrease in speculative positions in crude oil by 46.7K, which is expected against the increasing risk of falling energy demand due to the Chinese coronavirus. According to Global Platts, the outbreak of pneumonia recorded in Wuhan has already reduced the demand for “black gold” by 200K barrels.
The negative dynamic was reinforced by API Crude Oil Stocks release at the end of last week, which showed an increase of reserves by 1,600 million against 1,100 million last week. The corresponding data from the EIA also reflected a decrease in demand and amounted to –0.405 million against the forecast of –1.009 million.
Boeing Stock Recommendations
Jan-22-20 Downgrade Vertical Research Buy → Hold $388 → $294
Jan-09-20 Downgrade Berenberg Buy → Hold $410 → $350
Jan-08-20 Downgrade Cowen Outperform → Market Perform $419 → $371
Jan-07-20 Initiated Longbow Underperform $300
Oct-21-19 Downgrade UBS Buy → Neutral $470 → $375
Oct-21-19 Downgrade Robert W. Baird Outperform → Neutral $445 → $342
Oct-21-19 Downgrade Credit Suisse Outperform → Neutral $416 → $323
Oct-18-19 Reiterated BofA/Merrill Neutral $415 → $400
Oct-09-19 Reiterated BofA/Merrill Neutral $420 → $415
Oct-02-19 Reiterated Robert W. Baird Outperform $470 → $445
Jul-25-19 Downgrade Wolfe Research Outperform → Peer Perform
May-07-19 Downgrade Barclays Overweight → Equal Weight $417 → $367
Apr-08-19 Downgrade BofA/Merrill Buy → Neutral $480 → $420
Mar-27-19 Resumed Citigroup Buy
Mar-19-19 Downgrade Argus Buy → Hold
Mar-12-19 Downgrade Edward Jones Buy → Hold
Feb-28-19 Reiterated UBS Buy $500 → $525
Feb-05-19 Reiterated Bernstein Outperform $435 → $459
Jan-31-19 Reiterated Canaccord Genuity Hold $360 → $380
Jan-10-19 Upgrade Morgan Stanley Equal-Weight → Overweight
Boeing Stock 1 Day Moving Averages – Strong Sell
Name Value Action
Exponential Moving Average (5) 318.11 Sell
Simple Moving Average (5) 316.60 Sell
Exponential Moving Average (10) 320.84 Sell
Simple Moving Average (10) 321.47 Sell
Exponential Moving Average (20) 325.63 Sell
Simple Moving Average (20) 326.59 Sell
Exponential Moving Average (30) 329.80 Sell
Simple Moving Average (30) 328.34 Sell
Exponential Moving Average (50) 336.33 Sell
Simple Moving Average (50) 341.33 Sell
Exponential Moving Average (100) 345.29 Sell
Simple Moving Average (100) 353.34 Sell
Exponential Moving Average (200) 351.46 Sell
Simple Moving Average (200) 354.76 Sell
Ichimoku Cloud Base Line (9, 26, 52, 26) 323.46 Neutral
Volume Weighted Moving Average (20) 323.87 Sell
Hull Moving Average (9) 317.02 Sell
Tom, aka T Rex, is seasoned financial pro that cut his teeth on the Chicago trading oil futures in 1995. In less than 3 years he bought his own seat and set up shop on the exchange. For the next 10 years Rex traded his own account and some institutional accounts. In 2017, he decided to move to Florida and focus on educating traders and writing for financial websites.