Shares of Spirit AeroSystems, a supplier of Boeing's 737 Max fuselage components and other critical parts, advanced Friday after the Wall Street Journal reported that Boeing was in talks to acquire the company.
SPR has hired bankers to explore strategic options and has held preliminary talks with Boeing about a merger, according to the Wall Street Journal Friday. The discussions may not result in a deal, the WSJ reports.
Spirit AeroSystems stock advanced 14.2% to 32.67 during Friday's market action. That put shares past a 30.81 buy point in a cup-with-handle base. Meanwhile, Boeing stock edged down 1.8% to 200.01.
Based in Wichita, Kan., Spirit AerosSystems was spun out of Boeing in 2005. As a top supplier for Boeing, Spirit AeroSystems is central to the incident in which a Boeing Max jet operated by Alaska Airlines lost a door panel midflight in early January.
On Feb. 6, Spirit AeroSystems reported surprise earnings for the fourth quarter of 48 cents per share, beating estimates for a 35-cent decline. The jet supplier withheld 2024 guidance due to the Boeing issues. The Q4 result marked SPR's first quarterly profit since Q1 2022.
SPR stock has a 59 Composite Rating out of 99, a 56 Relative Strength Rating and a 34 EPS Rating.
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