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UPDATE: Fast Money 360: Boeing

Considering shares of Boeing are down about 8% over the past 3 months, how should you game this stock ahead of earnings Wednesday.

Seems like a good time for Fast Money 360.

Find out what fundamentals, technicals and insights from the options world all suggest lie ahead for this stock.

FUNDAMENTALS

Analyst of Alex Hamilton of C.K. Cooper is bullish. “We are buyers of Boeing going into earnings,” he tells the desk with conviction.

”We have been saying for months we are in the first stage of a multi-year up-cycle and strong orders from Europe’s Farnborough Air Show last week support that thesis.”

However, if you follow Hamilton’s recommendation, you’d better have a long(ish) time horizon.

”We are not buying this stock for this quarter or next quarter,” he adds. “We are buying it for the multi-year up-cycle.”

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CHARTS

Oppenheimer’s Carter Worth is also bullish.

Looking at patterns in the chart, Worth explains, “The stock has exhibited relative strength during the April to June sell-off. I think it continues to track its 150 day moving average.

Ontop of that Worth expects Tuesday’s results will provide a positive tailwind. “I think it will act well in response to its earnings.

What’s the bottom line?

“We're buyers of Boeing going into earnings,” Worth concludes.

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OPTIONS

Brian Stutland of Stutland Equities has spotted a lot of upside bets in the options world.

“I’m seeing out of the money call buyers and out of the money put sellers,” Stutland says. “That’s a lot of bullish activity.”

”And we did not see volatility rise a whole heck of a lot when the stock dropped a couple weeks ago. That’s bullish also.”

Stutland likes the stock and thinks a dip in the wake of earnings would present an opportunity. “I’d be a buyer,” he concludes.

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OTHER INSIGHTS

Guy Adami thinks the stock may be in no man's land. "Boeing has bounced nicely off $59.84 on June 8th," he explains. "We’re about 50% from the mid-April high of $76. I think that maybe we stall here."

Boeing almost always trades on orders not so much on earnings, reminds Patty Edwards. We may have seen the best pop we're going to see.

I'd play downstream with Precision Castparts, adds Joe Terranova.



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Trader disclosure: On July 26, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman owns (AAPL); Finerman's firm owns (BP) calls; Finerman's firm owns (PM); Finerman's firm owns (JPM); Finerman owns (JPM); Finerman's firm owns (BAC); Finerman owns (BAC); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (IWM); Finerman's firm is short (SPY); Grasso owns (ASTM), (ABK), (BAC), (BA), (BGP), (C), (CSCO), (DYN), (JPM), (LPX), (MO), (NDAQ), (PFE), (PRST); Kelly owns (BP) puts; Kelly is short (GS); Terranova owns (AMZN), (EMC), (CREE), (CRCM), (LRCX), (COP), (AXP), (BMO), (CSX), (PEP), (CVS), (GS), (PCP), (C), (GLD), (APA), (FCX), (JOYG), (MMM), (MOS), (GLD), (UAUA), (WYNN), (GOOG), (BBY), (SU), (KOL)

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