According to a report by the Wall Street Journal earlier this week, some Boeing employees at the companys facility in South Carolina are to vote on union representation later in May.
Boeing shares closed lower for the first time in the past four trading sessions on Tuesday. It has also been the steepest daily loss since April 24th. The stock went down 2.45% ($8.90) to $355.02, after touching an intraday low at $354.52, or a price level not seen since May 18th ($345.19).
In the week ended on May 20th the shares of the aircraft maker added 2.56% to their market value compared to a week ago, which marked a second consecutive period of gains. It has also been the best performance since the week ended on April 22nd.
The stock has pared its advance to 6.43% so far during the current month, following a 1.73% surge in April. The latter has been the seventh gain out of eight months.
For the entire past year, the shares of the NYSE-listed plane maker soared 89.43%, following another 7.67% surge in 2016.
According to Reuters, citing a ruling by the National Labor Relations Board, 178 technicians at the companys plant in North Charleston will be allowed to vote on joining the International Association of Machinists union.
It has been over a year since 74% of the almost 2 800 hourly workers at Boeings factory in South Carolina rejected a proposal to join a union.
“Boeing is disappointed in this decision and will appeal the ruling”, the US plane maker said in a response to the decision, cited by Reuters.
“Our position on this issue has not changed: we strongly believe that this micro-unit is prohibited under federal labor law and is not in the best interests of our teammates, our site or our community.”
According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $401.00, with a high estimate of $500.00 and a low estimate of $289.00. The median estimate is a 12.95% surge compared to the closing price of $355.02 on May 22nd.
The same media also reported that 17 out of 28 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, todays levels of importance for the Boeing stock are presented as follows:
R1 – $355.95
R2 – $356.88
R3 (Range Resistance – Sell) – $357.80
R4 (Long Breakout) – $360.59
R5 (Breakout Target 1) – $363.84
R6 (Breakout Target 2) – $365.15
S1 – $354.09
S2 – $353.16
S3 (Range Support – Buy) – $352.24
S4 (Short Breakout) – $349.45
S5 (Breakout Target 1) – $346.20
S6 (Breakout Target 2) – $344.89
By using the traditional method of calculation, the weekly levels of importance for Boeing Company (BA) are presented as follows:
Central Pivot Point – $347.84
R1 – $355.44
R2 – $359.64
R3 – $367.24
R4 – $374.83
S1 – $343.64
S2 – $336.04
S3 – $331.84
S4 – $327.63
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