Production Boost, Quarterly Win Send Boeing Stock Flying

Options volume is today running at 12 times the intraday average

Fernanda Horner

Digital Content Manager

Jul 26, 2023 at 10:16 AM

Boeing Co (NYSE:BA) reported slimmer-than-expected second-quarter losses of 82 cents per share and a revenue beat of $19.75 billion this morning, thanks to strong deliveries. The blue-chip company also said it would boost monthly production of its 737 MAX narrowbody jets to 38 from 31.

Last seen up 5.9% at $226.72, Boeing stock is breaking through overhead pressure at the $220 region to trade at its highest level since January 2022. BA has added more than 60% over the last nine months, and is today bouncing off support from its 60-day moving average.

Options traders have been extremely bullish of late. Over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BA's 50-day call/put volume ratio of 2.85 stands ranks than all readings from the last 12 months.

Drilling down to today's options activity, 72,000 calls and 19,000 puts have been exchanged so far, or 12 times the intraday average volume. Most popular is the weekly 7/28 225-strike call, where new positions are being bought to open.

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