Benzinga's PreMarket Prep airs every morning from 8-9 a.m. ET. During that fast-paced, highly informative hour, traders and investors tune in to get the major news of the day, the catalysts behind those moves and the corresponding price action for the upcoming session.
On any given day, the show will cover at least 20 stocks determined by co-hosts Joel Elconin and Dennis Dick along with producer Spencer Israel.
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The price action of an issue on earnings day is important. The reason being fundamental investors may alter their long-term strategy in the issue based on the results of the report. With that in mind, Boeing Co. BA is the PreMarket Prep Stock Of The Day.
Price Action Since Last Monday: Unlike the S&P 500 index, Boeing was in a steep decline heading into last Monday’s washout in the market.
Similar to the index, it found a major bottom on that day at $204.60 and closed well above that level at $206.99. That was the lowest level for the issue since it bottomed on Feb. 5 at $206.66 and ended that session at $207.93.
The former high for the rebound was made on Monday at $226.12 as well as the closing high for the rebound at $225.85. In Tuesday’s down market, the issue fell back to $222.27.
Q2 Beat: Before today's open, Boeing announced an adjusted EPS of 40 cents, which beat the $(0.72) estimate. The company came up short on sales of $17 billion, which missed the $17.78 billion estimate. Highlights from the report were the continued progress on the global safe return to service of the 737 Max.
PreMarket Price Action And Take: When the issue was being covered on the show, it was trading at the $234 area and the premarket high stood at $235.89. The author of this article noted the premarket high as one possible target.
In addition, it was noted the gap or void in price that was created when the issue tanked on July 12 from $238.29 to $228.20 may come into play. In that session, the top of the range was $234.49 versus the previous day low of $236.46.
The full discussion on the issue from Wednesday’s show can be found here:
Price Action During The Regular Session: After a much higher open ($234.05 versus Tuesday’s close of $222.27), Boeing continued in that direction. It was able to breach the premarket high and filled the gap rallying to $237.43 and reversed course.
As of 12:15 p.m., it has found intraday support at $231.60 and bounced back into the mid-$233 handle.
Photo: Steve Lynes via Wikimedia.
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