NEW YORK—Shares of Boeing Co. rose Monday as the airplane maker secured another customer for its new 787 model at the Dubai Airshow, a day after announcing its biggest-ever single order.
THE SPARK: Boeing Co. said Monday that Oman Air ordered six Boeing 787-8 aircraft. The twin-engine planes won't translate into additional business for the company because Oman Air is taking over orders previously placed by a leasing firm.
Each 787-8 costs $193.5 million at list prices, though discounts are common.
Oman Air is the flagship carrier of the Sultanate of Oman, located on the southeastern tip of the Arabian Peninsula.
Emirates, the Mideast's biggest carrier, on Sunday placed an unexpectedly large order for 50 more Boeing 777s, suggesting it's optimistic about growth despite widespread economic concerns.
Boeing said the deal, worth $18 billion at list prices, was its biggest-ever single order by value. And it suggested that growth will continue. Boeing predicted Monday that the Middle East will require some 2,520 new planes worth more than $450 billion through 2030.
THE ANALYSIS: Boeing's order book also shows strength for other models. In a note to clients, Jason Gursky estimated that Boeing now has 700 commitments for its redesigned 737 -- which it calls the "Max" -- compared with around 600 just weeks ago.
He kept a "Buy" rating on the stock, suggesting "that Boeing will enjoy positive momentum over the next several years given production rate increases on existing models, a resilient defense business outlook, improving cash generation, and a likely acceleration of 737 MAX orders."
SHARE ACTION: Boeing shares rose 98 cents to $67.90 in afternoon trading. They earlier traded as high as $68.97, still well below the 52-week high of $80.65.