Boeing lands a long-awaited jet order from China. Why the stock is falling anyway

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets are rallying to new record highs again as the Dow Jones Industrial Average crosses back above 50,000. Technology stocks are leading the market higher, but the rally is broader than previous days with financials, staples, industrials, and some consumer names participating. One stock not taking part in Thursday's rally is Boeing. Shares fell about 4% and gave back all the gains since we learned CEO Kelly Ortberg was joining the trip to China. The reason for the pullback: President Donald Trump said on Fox News that China agreed to order 200 "big" Boeing jets. It's the first order the company has received in China in years, but the stock took a hit on the news. In a vacuum, China buying Boeing planes is great news. It's the second largest aerospace market in the world and is important to Boeing's future. However, expectations always matter in investing. The order was viewed as a major disappointment because Bloomberg News reported in March that it could be for up to 500 narrowbody 737 Max jets. So, 200 may be a big number, but it's not 500. It's also unclear what type of aircraft China is buying. We have not seen a comment from Boeing. We're not changing our long-term thesis on Boeing – which is based on ramping production and delivering more planes – but this stings. …