According to a statement by the US Federal Aviation Administration on Friday, a joint governmental review of the globally grounded Boeing 737 MAX is expected to be initiated on April 29th. Nine other aviation regulators from across the globe are to participate in the review, the FAA said.
Boeing shares closed higher for the fourth time in the past ten trading sessions in New York on Thursday. The stock went up 0.68% ($2.55) to $380.07, after touching an intraday low at $377.52 and an intraday high at $382.17.
Shares of Boeing Company have surged 17.85% so far in 2019 compared with a 15.88% gain for the benchmark index, S&P 500 (SPX).
In 2018, Boeing’s stock went up 9.36%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.
Australia, Brazil, Canada, China, Japan, the European Aviation Safety Agency, Indonesia, Singapore as well as the United Arab Emirates are to participate in the Joint Authorities Technical Review (JATR), which will be conducted over the course of 90 days.
The JATR team is to be comprised of experts from NASA, the FAA and international aviation authorities. The group is to be chaired by Chris Hart, former Chairman of the National Transportation Safety Board.
The group is to examine aspects of the 737 MAX automated flight control system in order ”to determine its compliance with all applicable regulations and to identify future enhancements that might be needed”.
Meanwhile, Boeing’s Chief Executive Officer Dennis Muilenburg said last week that ”steady progress” was being made towards certifying a software update to the company’s 737 MAX. Additionally, the final test flight before a certification flight has already been made, Boeing’s CEO said.
According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $438.00, with a high estimate of $505.00 and a low estimate of $380.00. The median estimate represents a 15.24% upside compared to the closing price of $380.07 on April 18th.
The same media also reported that 17 out of 25 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 5 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Boeing Co (BA) are presented as follows:
Central Pivot Point – $379.46
R1 – $385.25
R2 – $390.42
R3 – $396.21
R4 – $401.99
S1 – $374.29
S2 – $368.50
S3 – $363.33
S4 – $358.15