Boeing Stock Moves Lower on 737 Delivery Update

Options traders are blasting BA today, with a bullish bias

Digital Content Manager
Oct 25, 2023 at 11:08 AM
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Boeing Co (NYSE:BA) stock is down 2.3% at $178.28 at last check, reversing premarket gains. The aerospace giant reported third-quarter adjusted losses of $3.26 per share that were steeper than analysts anticipated, while also lowering its 737 delivery forecast for 2023 amid quality issues. Keeping losses in check is third-quarte revenue that topped analyst estimates, as well as a reaffirmed fiscal year free cash flow outlook.

Boeing shares are trading at their lowest level since early December, with their descending 30-day moving average containing a fakeout rally to $200 earlier this month. Year-to-date, the equity is now off by 6.7%, but is 21% higher year-over-year.

So far today, 45,000 calls and 17,000 puts have already crossed the tape, volume that's double the intraday average amount. Most popular is the weekly 10/27 190-strike call, where new positions are being bought to open.

The preference for calls is nothing new. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day call/put volume ratio of 2.76 ranks higher than 84% of annual readings. This indicates options traders have been much more bullish than usual.

 

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