Boeing stock is one of the worst to own in April, historically
Boeing Co (NYSE:BA) has seen no shortage of unpleasant headlines this past year, though the airplane manufacturer scored a contract to build the U.S. Air Force's latest fighter jet. Today, CEO Kelly Ortberg, per a written testimony seen by Reuters, will tell the Senate Commerce Committee that the company "made serious missteps in recent years" but enacted "sweeping changes to the people, processes, and overall structure."
For Boeing stock to make a meaningful rebound, however, it will also have to battle a period of weak seasonality. The equity is the only aerospace name on Schaeffer's Senior Quantitative Analyst Rocky White's list of worst S&P 500 Index (SPX) stocks to own in April. According to White's data, the shares finished April lower seven out of 10 times in the last decade, averaging a 4.5% loss.
From its current perch at $170.22, a similar move would put the equity just above $162. Though Boeing Stock is currently on track to snap a three-day losing streak, it carries a 10% year-over-year deficit.
An unwinding of optimism from bullish options traders could provide headwinds as well. BA's 50-day call/put volume ratio of 2.12 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 96% of readings from the past year.