Boeing Shares Take Off
By Joseph Griesbeck, CFA - Editor, Ownership Intelligence
Though it closed down 1.6% yesterday, Boeing Co (BA-N) shares are up in pre-market trading today ahead of its Q3 earnings release. It is expected to announce profits of $1.1 billion, which is 31% higher than Q3 of last year. Also soaring high for the airplane maker is its Dreamliner which made its first passenger flight from Tokyo to Hong Kong today.
It looks to be turbulence-free trading day for investors like Evercore Trust Company, which owns 82 million shares. Though it sold 4.8 million shares before the beginning of Q3, it still owns 11% of the shares outstanding.
Fidelity, Jennison Associates, Sumitomo Trust and Banking, and Wellington all bought more than one million BA shares as of June 30th. With shares up more than 3% before the opening bell, they should feel like they’re flying first class.