Billionaire investor Dan Loeb's Third Point has apparently taken a stake in Boeing (NYSE: BA), a move that should provide support for the beleaguered aerospace giant's shares. Boeing is also making progress securing its massive commercial order book despite the COVID-19 pandemic. Loeb's Third Point Offshore fund listed Boeing as one of its top winners in May, confirming market rumors that the fund has taken a position in Boeing. Share of Boeing have lost more than half of their value year to date as airlines have scrambled to cut costs, and ground aircraft, due to a pandemic-related travel slowdown. Image source: Boeing. Loeb has a long history of activism and of taking passive long positions, so it is tough to read into his intentions with Boeing. But regardless Third Point buying in is a good sign for investors, implying that the investor either believes Boeing shares are undervalued or has ideas about what the company can do to boost its share price. Boeing has eliminated its dividend and is seeking to cut its headcount as it deals both with the pandemic and the ramifications of its grounded 737 Max aircraft. The Max debacle has revealed some embarrassing details about Boeing's culture and internal operations, and led to CEO Dennis Muilenburg being dismissed. However, the company is making some progress in working with customers to make sure orders are not cancelled. Aircraft leasing firm SMBC Aviation Capital announced overnight that it has deferred, but not cancelled, the delivery of 68 737 Max jets until 2025. And German travel company TUI Group said it has reached a financial agreement with Boeing for compensation due to delayed Max deliveries, keeping most of its order book intact. The agreements avoid the worst-case scenario for Boeing, but they do indicate a long, and costly, recovery is up ahead. 10 stocks we like better than BoeingWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Boeing wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source