Shares slid as much as 4.3% on May 14 as investors pocketed gains from Boeing's rally the day before, when the stock climbed 1.57% on news of blockbuster April orders and the promise of a historic China deal. BA stock traded at $233.73, down 2.86% from the previous close , even as the broader S&P 500 rose — a clear sign this pullback is Boeing-specific, not a market-wide retreat. With the Trump-Xi summit underway in Beijing today, shareholders face a pivotal question: is this a speed bump in a genuine turnaround, or a sign the stock has gotten ahead of itself?
April Orders Nearly Doubled the Entire First Quarter — But Deliveries Still Lag
Boeing booked 136 gross orders in April, nearly doubling its total for the entire first quarter.
After cancellations, that translated to 135 net new orders, pushing 2026's year-to-date total to 284 — the most in the first four months of any year since 2014. Yet deliveries tell a different story. Boeing said it would have delivered more aircraft except for customer scheduling shifts and "delays of premium seat certification." Orders generate headlines; deliveries generate cash. At 47 jets handed over in April, Boeing needs to accelerate to justify the stock's lofty 121x P/E ratio.
A 500-Jet China Mega-Deal Could Reshape Boeing's Future — If Politics Cooperate
Bloomberg reported China is considering a deal for about 500 737 MAX jets , plus discussions about roughly 100 widebody aircraft. CEO Kelly Ortberg, traveling with Trump's delegation, has been blunt: the deal is "100% dependent on the U.S.-China negotiations and relations."
Prediction market traders on Kalshi assign an 86% probability that a Boeing purchase announcement emerges , but Wolfe Research cautioned that "investors will need to await clarification" on how real the numbers are.
The Rally Ran Hot, and Smart Money Locked In Gains Boeing surged from $231.03 on May 7 to $240.60 by May 13 — a 4.1% run in four trading days. Today's retreat is textbook profit-taking. A deal of 300+ aircraft would not change 2026 guidance but would accelerate the production ramp and stabilize Boeing's free cash flow, projected at up to $3 billion this year.
China's Own Rival Jet Complicates the Long Game
Chinese regulators continue prioritizing COMAC, whose homegrown narrowbody jet competes directly with the 737 MAX, and Beijing has increasingly encouraged domestic airlines to buy local. Even a landmark order wouldn't eliminate this structural headwind. The summit may deliver a headline; the real test is whether Boeing can deliver the planes.