The Boeing Company (NYSE:BA) stock has successfully refilled not one, but two price gaps today during intraday trading. BA like many stocks has a tendency to reclaim old voids in price even if it may take a long while, such as the January 3rd, 2011 gap not being refilled until August 4th, 2011.
The first gap was to the advantage of stockholders and was formed on October 26th, 2011, with the later one being a bearish gap at the beginning of this month on the 1st of November. Notably, today also marks a new day of BA trading above the 10 SMA once again.
U.S. markets have been mostly alleviated to the upside today as European interest rates were cut and BA is no exception to having benefited from the action most likely. Many stocks are still trying to climb back to where they finished trading at the end of last Friday, though, but are about half way back to highs seen on that day.
Regarding some company news, Boeing announced some new program details. The 737 MAX program has selected a 68″ diameter engine fan and the company suggests that it grants low fuel burn and operating costs for engines in the single-aisle market.
Boeing also released some interesting statistics regarding the 737 MAX program, too. Boeing received 496 order commitments in August when the program was unveiled and today the company has 600 order commitments from eight airlines.
The company released the following statement regarding the 737 MAX program, “The 737 is a more efficient, lighter design and requires less thrust than other airplanes in this class, which is important because weight and thrust have a significant effect on fuel efficiency and operating costs,” said John Hamilton, 737 Chief Program Engineer.
“With airlines facing rising fuel costs and weight-based costs equating to nearly 30 percent of an airline’s operating costs, this optimized 68-inch fan design will offer a smaller, lighter and more fuel-efficient engine to ensure we maintain the current advantage we have over the competition.”