Boeing announced a new CEO, and the news is overshadowing an earnings whiff
The company’s loss of $2.90 per share and revenue of $16.87 billion both missed expectations, but BA is getting a boost after it was announced that Robert “Kelly” Ortberg is slated to replace Dave Calhoun as CEO. Ortberg formerly led aerospace supplier Rockwell Collins — now part of RTX (RTX) — and boasts more than 30 years of experience.
Options traders are chiming in following the results. So far, 15,000 calls and 8,046 puts have crossed the tape, which is triple what is typically seen at this point. Most popular is the weekly 8/2 195-strike call, followed by the 200-strike call from the same series.
Boeing stock is up off its April 25 multi-year lows of $159.70, but has been mostly range bound since early May. Though pacing for its fourth win in five sessions, BA is still down 27.4% in 2024.