Boeing Shares Surge After Securing a $52B Order from Emirates

Boeing (BA) was the best-performing stock in the Dow on Monday as shares surged 4% after Emirates, the government-owned Dubai airline, announced that it was buying 95 more widebody Boeing jetliners worth $52 billion.

Boeing indicated the deal included 55 777-9s, 35 777-8s, and 5 787 Dreamliners. The agreement will give Emirates, which is already the largest operator of 777s, a total backlog of 205 of those planes. The Dreamliner acquisitions would be in addition to its current order of 30.

Stan Deal, president and CEO of Boeing Commercial Airplanes, called the Emirates decision "an incredible vote of confidence" in the company's widebody planes.

HH Sheikh Ahmed bin Saeed Al Maktoum, chair and CEO of Emirates Airline and Group, noted that from the beginning, the airline's model has been to operate modern and efficient widebody jetliners that could transport large numbers of passengers over long distances to and from Dubai. He added, "Today's aircraft orders reflect that strategy." The executive noted that Emirates was looking forward to its first 777-9s arriving in 2025.

Boeing also got a boost as China is reportedly considering committing to purchase 737 Max jets as U.S. President Joe Biden and Chinese President Xi Jinping prepare to meet at the APEC summit in San Francisco this week.

With Monday's gains, shares of Boeing were up over 4% year-to-date.