: Boeing is ‘biggest beneficiary’ of storied air show as new orders keep coming

by | Jul 19, 2022 | Stock Market

Boeing Co. stock rose more than 4% in midday trading Tuesday after the aerospace and defense company announced new order deals in a storied U.K. air trading show. Boeing
“has been the biggest beneficiary at (Farnborough International Airshow) to date, winning 135 new firm orders,” a number that rises to 171 including commitments, Sheyla Kahyaoglu with Jefferies said in a note.

That includes an order for 100 737 Max from Delta Air Lines Inc.
which compares with 12 new orders for Airbus SE’s
A220 jets from Delta. Boeing’s growing order book also includes an order for up to 66 737 Max aircraft from investment firm 777 Partners under undisclosed terms. “777 Partners is the investment firm behind a number of low-cost carriers around the world, with plans to launch more global low-cost carriers,” the analyst said. Founder and managing partner Josh Wander indicated that 777 Partners would purchase 1,000 airplanes from Boeing in the future, she said. 777 Partners is a Miami-based private investment firm with more than $3 billion in assets across more than 45 operating companies, Kahyaoglu said. “Aviation is an area of focus, with five investments,” she said, including in a budget airline in Australia whose flights are expected to begin in September, another ultra low-cost carrier in Canada, and a pan-Asian low-cost alliance. Shares of Boeing have lost 24% this year, compared with losses of 18% for the S&P 500 index
Boeing last week reported second-quarter commercial-jet deliveries that were 50% higher than in the second quarter of 2021.

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