Where we stand on Bullpen stock Boeing after its incredible 7-week run higher
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Stocks were mixed to start the week . The market on the first trading day in June stumbled around the open and traded lower in the absence of any real progress on trade talks between the U.S. and China, with both countries now accusing the other of violating their Geneva trade agreement announced on May 12. Industrials and other cyclicals also felt some pain in response to President Donald Trump doubling tariffs on steel imports to 50%. Underwhelming economic data, including construction spending and ISM manufacturing, also sparked some weakness. However, the market started to cut its losses shortly before 11 a.m. ET after a senior White House official told CNBC's Eamon Javers that Trump and Chinese President Xi Jinping were likely to speak later this week. This is the same storyline that helped the market recover Friday afternoon from a sell-off earlier in the session. A few key companies, including Club names Broadcom and CrowdStrike , are set to report quarterly results later this week. But overall, we're in a quiet stretch for earnings. As a result, the market will likely be driven more by economic data and trade-related headlines. That's not necessarily a bad thing, but it helps explain why the market is so fixated on every new development out of Washington. Update: Bullpen name Boeing was on the move Monday after analysts at Bank of America upgraded the stock to a buy rating, with a new high price target of $260 per share. That represents more than 25% upside to Friday's close. Shares rose over 2% on Monday. Boeing has had quite a run over the past seven weeks. We added shares of the jet maker to our Bullpen watch list on April 10, because we believed the company would be the No. 1 beneficiary of trade deals with other countries. This thesis quickly proved true. Shortly after the U.S. and the UK announced their trade deal in early May, British Airways' parent company, International Consolidated Airlines Group , IAG for short, announced an order of 32 Boeing Dreamliners in a deal valued at around $10 billion. Boeing later received a ton of orders during Trump's tour of the Mideast, including a record-breaking order of up to 210 aircraft from Qatar Airways. Boeing also got orders from airlines based in Saudi Arabia and the United Arab Emirates. BA YTD mountain Boeing YTD The trade war de-escalation, especially with China, has helped the stock, too. Boeing shares were trading around $210 per share on Monday, a level not seen since January 2024. At that time, the company was dealing with the immediate fallout from an incident in which a door plug on a 737 Max 9 blew out. It's easy to have regrets for not pulling the trigger on Boeing when we added it to the bullpen. Our thesis has played out just like we thought, and we would be enjoying this big move if we did. However, that doesn't mean the story is over, which is why we aren't removing it from the Bullpen. We continue to like the turnaround story here and the improvements to operations that CEO Kelly Ortberg has put in place. The trade deal angle is the cherry on top. We'll watch Boeing in the weeks and months ahead and look out for pullbacks in the stock because it could be one to buy in the event tariffs and trade wars re-escalate, causing the market to sell-off. Up next: There are no major earnings reports after Monday's closing bell. Dollar General , Signet Jewelers , and Chinese smart EV maker Nio are scheduled to report earnings before Tuesday's open. On Tuesday's economic calendar, it's data factory orders and durable goods orders data. The government also releases its Job Openings and Labor Turnover Survey, commonly referred to as JOLTS. It's the first of three reports on the job market , leading up to the Labor Department's monthly employment report. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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