Shares of Boeing (BA) closed at a 52-week low on Tuesday. BA stock lost 10.69% in response to the weak third-quarter report.
The struggling aerospace firm posted non-GAAP earnings of -$0.34 a share. Revenue rose by 4.0% Y/Y to $24.19 billion, where it benefited from higher defense and services volume. Less favorable commercial delivery hurt results. Still, its total backlog increased to a record $745 billion.
Investors looking for peers with better profitability might consider Lockheed Martin (LMT), General Dynamics (GD), Northrop Grumman (NOC), and RTX (RTX). Their shares also have stronger bullish momentum.
In the energy sector, the start of negotiations between Saudi Arabian leaders and Iranian officials sent Brent crude and WTI crude prices marginally lower. Yet shares of oil firms priced in a more severe scenario.
Marathon Petroleum (MPC), Valero (VLO), and Phillip 66 (PSX) fell by 7% or more on Tuesday. Exxon (XOM) and Chevron (CVX) also traded lower on the exchange. The chances are low that tensions in the Middle East will ease. The Iranian regime wants to keep gas prices high before the midterms. That way, voters are less inclined to vote for the current Administration.
In the software sector, Adobe (ADBE), Salesforce (CRM), and Intuit (INTU) fell by ~ 3% or more. Investors placed their bullish bets back on AI names. Western Digital (WDC), Oracle (ORCL), AMD (AMD), and Marvell (MRVL) traded higher on Tuesday.
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