NEW YORK (TheStreet) -- Shares of Boeing (BA) are lower on Monday because investors are worried over more negative news from the airline manufacturer. According to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, now is not the time to buy.
Last week came news of hairline fractures in some of Boeing's 787 Dreamliner planes during manufacture followed by the still-missing Malaysian Boeing 777 flight over the weekend. Early Monday a Japan Airlines 787 plane -- made by Boeing -- had to make an emergency landing in Honolulu after the oil pressure in the right engine began to fall.
Cramer said that investors are still looking for reasons to sell stocks and lock in profits. Boeing is giving those investors plenty of reasons to do so with its latest string of issues.
"Don't worry about deliveries" of planes, however. He argued that while the company is still strong fundamentally, the stock is "still working off the hangover of being the best performer in the Dow."
Stocks are much more prone to profit-taking and vulnerable when there's bad news. For this reason, he concluded, "I think you can let it come in. I don't think there's any hurry whatsoever to buy Boeing."- - Written by Bret Kenwell in Petoskey, Mich.