CHICAGO (AP) — Boeing Co.'s stock price topped $70 a share for the first time in five years Thursday and neared its all-time high, propelled by continuing momentum in both its defense contracting and commercial aircraft manufacturing businesses.
Shares in the company rose 42 cents to close at $70.07 on the New York Stock Exchange after briefly reaching $70.22, their highest price since five years ago this month. The stock's all-time high was $70.94 during the trading session of Dec. 8, 2000.
Boeing has now seen its stock nearly triple since early 2003, the year it was supplanted by Airbus as the world's leading airplane maker as measured by deliveries.
Boeing has closed the gap on Airbus largely due to booming sales of its more fuel-efficient 787, which is scheduled to enter service in 2008. While its French-based rival is on pace to outdeliver it for a third straight year by about 360 planes to 320, Boeing has racked up 805 orders for new planes in 2005 compared with 274 a year ago.
"The stock is riding the wave of momentum from all the recent commercial aircraft orders," said Chris Lozier of Chicago-based Morningstar Inc. "The hiring of McNerney as CEO probably added to that."
Jim McNerney joined the company as chairman and chief executive officer from 3M Co. on July 1, although Boeing's stock began rebounding two CEOs ago under Phil Condit and surged 23 percent last year under Harry Stonecipher. Both left as a result of ethics scandals.