Boeing shares rebound on Wednesday, plane maker partners with Kitty Hawk over flying vehicle development

Boeing Co (BA) is to tie-up with flying car startup Kitty Hawk in relation with the development of a semi-autonomous flying vehicle, The Verge reported on Wednesday.

Kitty Hawk, which is backed by Alphabets Chief Executive Officer Larry Page, is to cooperate with Boeing on the two-seat Cora flying vehicle, which could in time be used for a semi-autonomous flying taxi service.

Boeing shares closed higher for the sixth time in the past twelve trading sessions in New York on Wednesday. It has also been the sharpest daily surge since June 20th. The stock went up 1.52% ($5.62) to $374.94, after touching an intraday high at $378.98, or a price level not seen since June 19th ($379.31).

Shares of Boeing Company have surged 16.32% so far in 2019 compared with a 16.23% gain for the benchmark index, S&P 500 (SPX).

In 2018, Boeing’s stock went up 9.36%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.

Cora is to be operated mostly by autopilot systems and will be supervised by a remotely situated human pilot.

Meanwhile, Uber also intends to begin test flights of its own Uber Air service next year, while a commercial launch is expected in 2023.

According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $434.00, with a high estimate of $500.00 and a low estimate of $367.00. The median estimate represents a 15.75% upside compared to the closing price of $374.94 on June 26th.

The same media also reported that 13 out of 23 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 8 – as “Hold”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Boeing Co (BA) are presented as follows:

Central Pivot Point – $366.07
R1 – $385.08
R2 – $398.33
R3 – $417.34
R4 – $436.36

S1 – $352.82
S2 – $333.81
S3 – $320.56
S4 – $307.32