波音在竞争中击败对手，赢得海军大单。但仍有遗留问题让吉姆·克雷默不愿在该持仓上追加投资。国防部周二晚间宣布，波音赢得为海军生产第六代战斗机的合同，击败诺斯罗普·格鲁曼拿下这笔价值超过200亿美元的订单。该新项目被称为F/A-XX歼击战斗机，最终将取代海军的F/A-18“超级大黄蜂”战机机队，包括“咆哮者”电子战型号。
Boeing iced out a rival to win big business from the Navy. But there are lingering issues keeping Jim Cramer from shelling out more cash on the position. The Department of Defense announced late Tuesday that Boeing won the contract to produce a sixth-generation fighter jet for the Navy, beating out Northrop Grumman for the deal, valued at more than $20 billion. The new program — known as the F/A-XX Strike Fighter — will eventually replace the Navy's fleet of F/A-18 Super Hornets jets, including the Growler variant.
波音正是“超级大黄蜂”的制造商。据五角大楼称，F/A-XX歼击战斗机将于2030年代开始交付，并将与洛克希德·马丁的F-35C协同作战。波音的这次胜利颇为引人注目，部分原因在于一些分析师原本认为诺斯罗普·格鲁曼是拿下该项目的热门人选。虽然波音的商业业务是其最重要的收入驱动力，但其国防、航天与安全板块占公司2025年895亿美元收入的近三分之一；据FactSet数据，预计2026年该板块将贡献大致相同的收入比例。
Boeing is the Super Hornet manufacturer. The delivery of the F/A-XX Strike Fighter jets will begin in the 2030s and operate alongside Lockheed Martin 's F-35C, according to the Pentagon. The victory for Boeing is notable, in part, because some analysts believed Northrop Grumman was the favorite to land the job. While Boeing's commercial business is its most important driver, its defense, space and security segment represented nearly a third of the company's $89.5 billion in 2025 revenue; it's projected to contribute roughly the same share of 2026 sales, according to FactSet.
吉姆对波音在国防领域的大胜感到振奋，甚至考虑自8月中旬以来首次增加俱乐部的持仓。吉姆在周三的早盘会议上表示：“波音是我今天早上本想买入的股票之一。”但最终我们买入了卡迪纳尔健康和纽约梅隆银行。周三有两个主要问题让吉姆选择观望。首先是预计周四将出炉的波音工程师和技术员工会关键合同投票的结果。
Jim is enthusiastic about Boeing's big defense win, so much so that he considered adding to the Club's position for the first time since mid-August . Boeing is "one of the stocks I would've bought this morning," Jim said during Wednesday's Morning Meeting . Instead, we bought Cardinal Health and Bank of New York . There are two main issues keeping Jim on the sidelines Wednesday. The first is election results expected Thursday from Boeing's engineering and technical employee union in a critical contract vote.
其次是波音新发现的软件故障后续影响仍处于早期阶段，该故障于周末曝光。作为回应，联邦航空管理局周一表示，正在等待认证波音737 Max 10飞机，同时审查其是否构成安全隐患。
The second is that it's still early in the fallout from Boeing's newly discovered software glitch , which surfaced over the weekend. In response, the Federal Aviation Administration said Monday it's waiting to certify Boeing's 737 Max 10 aircraft, while examining whether it poses a safety issue.
据波音公司称，该软件故障可能影响某些自动着陆程序。“在看到相关信息之前，我无法[买入更多股份]，”吉姆补充道，并指出正是这些结果的不确定性导致波音股价周三持平，尽管有利好的国防消息。
The software glitch could affect certain automated landing procedures, according to Boeing. "I can't [buy more shares] until we see the information," Jim added, noting that the uncertainty of these outcomes are why Boeing shares were flat Wednesday, despite the positive defense update.
BA 年初至今走势图：波音股价年初至今表现。波音股价周三早盘高开——股价在盘中高点192.99美元处一度涨近3%——随后由涨转跌。加上周三约1%的跌幅，股价较8月5日收盘价已下跌逾22%，抹去了年初至今的涨幅。
BA YTD mountain Boeing's stock performance year to date. Boeing's stock initially opened higher Wednesday — shares adding nearly 3% at their session highs of $192.99 — before reversing into the red. Including Wednesday's roughly 1% decline, shares are down more than 22% from their Aug. 5 close, erasing their year-to-date gains.
此后，中东局势紧张再度升级推高油价，拖累波音等航空航天股，重演了今年早些时候伊朗战争爆发时的走势。首席执行官凯利·奥特伯格于9月16日透露，稳定737 Max生产“比预期花费的时间稍长一些”，这也打击了股价。随后是本周的软件故障披露——最早由《华尔街日报》报道——随后得到公司证实。
Since then, rekindled tensions in the Middle East began to drive up oil prices again, weighing on aerospace stocks like Boeing, mirroring action from earlier this year when the Iran war first broke out. The stock has also been hurt by CEO Kelly Ortberg's revelation on Sept. 16 that stabilizing 737 Max production is taking "a little bit longer" than expected. Then came this week's software glitch disclosure — first reported by The Wall Street Journal — and then confirmed by the company.
我们仍在等待波音重返中国市场的具体后续进展，这一不确定性因上周特朗普总统与中国国家主席习近平的会晤而被凸显。换个角度说，波音确实需要像海军战机合同这样的胜利。
We're also still waiting for a concrete follow-up on Boeing's re-entry into the Chinese market, an uncertainty that was spotlighted by last week's summit between President Donald Trump and Chinese President Xi Jinping . Put another way, Boeing surely needed a win like the Navy fighter jet contract.
伯恩斯坦和Wolfe Research对这一胜利持积极态度，特别是因为波音去年赢得了新型空军战机合同。Wolfe Research在周三致客户的报告中写道：“波音现在在美国第六代战机领域占据垄断地位，这与几年前该公司完全退出战机制造的可能性很大的情况截然不同。”
Bernstein and Wolfe Research are viewing the victory favorably, especially because Boeing last year won the contract for a new Air Force fighter jet. "Boeing now holds a monopoly position within the US for sixth-gen fighter aircraft, which is a long way away from where the company was just a few years ago when the odds for them to be fully out of fighter jet manufacturing were high," Wolfe Research wrote in a note to clients Wednesday.
“没有人因为波音公司的国防业务而购买其股票；不过，除非出现‘赢家诅咒’（即因固定价格合同而导致的亏损），否则这一奖项再次证明了该公司在运营和声誉改善方面所取得的进展，”沃尔夫（Wolfe）表示。沃尔夫对波音股票的评级为“买入”。伯恩斯坦（Bernstein）指出，由于波音在国防业务某些领域（包括“空军一号”项目）的成本超支问题，“赢得这两项重要的战斗机采购合同将为公司的国防、航天及安全业务开启一个新时代”。
"No one is buying Boeing's stock because of their defense business, but barring a winner's curse (i.e., a money-losing fixed-price contract), the award is another indication of the progress that the company is making in their progressive operational and reputational turnaround across the company," added Wolfe, which has a buy-equivalent rating on the stock. Bernstein said that given cost overruns in certain parts of the defense business, including the Air Force One program , "winning the two major fighter programs sets up a new era" for the defense, space and security segment. Bernstein also recommends clients buy Boeing shares.
伯恩斯坦也建议客户购买波音股票。摩根士丹利（Morgan Stanley）的分析师表示，周四的劳资谈判结果将是影响波音股价的另一个重要因素。分析师们对客户表示：“鉴于近期负面因素不断反映在股价中，我们认为劳资纠纷是短期内最大的风险；如果劳资协议能够达成且没有发生罢工，那么在当前股价水平上，波音股票可能是一个值得购买的时机。”
Analysts at Morgan Stanley said the results of Thursday's labor vote are the next big thing for the stock. "With recent negative developments increasingly reflected in the stock, we believe labor represents the primary near-term risk," analysts told clients. "In our view, if the labor agreement is reached without a strike, Boeing's stock could present a tactical buying opportunity at current levels," analysts added. Morgan Stanley maintained a hold-equivalent rating and $250 price target on Boeing. (Jim Cramer's Charitable Trust is long BA. See here for a full list of the stocks.)
摩根士丹利仍维持对波音股票的“持有”评级，并设定股价目标为250美元。（吉姆·克莱默的慈善信托基金持有波音股票。完整的投资名单请参见此处。）关于与吉姆·克莱默共同参与的CNBC投资俱乐部（CNBC Investing Club），您会在吉姆进行任何交易前收到交易提醒；吉姆会在发送交易提醒后等待45分钟，才会在其慈善信托基金的投资组合中买入或卖出股票；如果他在CNBC电视节目中提到过某只股票，他会在发送交易提醒后等待72小时才会执行该交易。
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