NEW YORK (TheStreet) -- Shares of Boeing (BA) - Get Report closed up on Wednesday after the U.S. government cleared $7 billion in sales of the company's fighter jets to Kuwait and Qatar, Reuters reports, citing sources.
The Chicago-based company will sell 28 Super Hornets to Kuwait with options for 12 additional jets in a deal valued at about $3 billion. Boeing will also sell 36 F-15 fighter jets to Qatar for around $4 billion, the sources said.
The sale has been pending for over two years as Israel, which is Washington's closest Middle East ally, was concerned that jets sold to Gulf Arab countries could be used against it, Reuters added. Concerns about human rights issues in Qatar have also slowed the deal.
Following today's approval, the U.S. government has begun to informally notify lawmakers, the sources said, according to Reuters.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C+.
The company's strengths can be seen in multiple areas, such as its revenue growth and notable return on equity. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and generally higher debt management risk.
You can view the full analysis from the report here: BA