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NEW YORK (TheStreet) -- Boeing (BA) stock is declining 1.95% to $128.33 in early-afternoon trading on Wednesday, as the aerospace company will reportedly cut about 4,000 jobs in its commercial airplanes division by mid-year and about 550 jobs in a flight and lab tests division.

Investors can view the layoffs one of two ways, TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. Boeing is either streamlining its business or losing market share to rival aerospace company Airbus (EADSY).

"Boeing makes a first-class plane," Cramer noted.

However, Boeing must still clarify accounting issues and is losing orders to competitor Airbus, Cramer pointed out.

Although he doesn't believe that Boeing makes an inferior plane, Cramer contended that Airbus is nonetheless more competitive because of the strength of the euro.

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In a dovish speech on Tuesday afternoon, Federal Reserve Chairwoman Janet Yellen essentially admitted that the comparative advantages of the U.S. are "getting crushed," Cramer pointed out.

"When Janet Yellen says, you know what, I've really had it with the strong dollar, she's thinking about places like Boeing," Cramer mentions in the above video, adding that Boeing buys planes in dollars. "What matters is the competitive advantage at Airbus is so much better right now than Boeing because of the euro."

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Boeing's strengths such as its return on equity, which we feel is likely to continue, outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: BA

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 article's author. 

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