In its first quarter earnings report, Boeing (BA - Get Report)  announced that it will pause share buybacks and is withdrawing its full-year 2019 financial forecast due to issues surrounding its 737 Max aircraft.

Shares of Boeing initially fell in premarket trading after the release of its report but bounced back slightly into black heading into midday Wednesday. 

Jim Cramer weighed in on what Boeing's latest round of earnings could mean for the stock as well as investor sentiment .

"The fact that the stock is up is indicative of the fact that people really feel that they're going to get their arms around this," Cramer said, referring to Boeing's chance of rebuilding its tarnished reputation around safety. 

But he added, "Had Boeing from the day of the first crash said, "We're shutting this thing down, we want to find out what happened, Boeing would be at $408. They fooled around with safety. Now they basically kept insisting everything's fine...Boeing was, I think, too confident, now they're paying for the confidence and I don't want to pay for the stock here." 

The company's earnings report was in line with Wall Street expectations. In the report, costs rose $1 billion due to its 737 Max planes being grounded, the company's revenue fell 2 percent from the year-ago period, while earnings slid 18 percent.

Boeing is Real Money's Stock of the Day.

Related. Boeing: Whether You're a Bull or Bear - Why Here? Why Now?

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