What happened

Boeing (BA 1.51%) shares got a lift Tuesday after the company reported solid September and third-quarter delivery numbers, but that rally faded on new reports about the status of its 737 MAX certification. At their high, Boeing shares were up about 2.6%, providing a fresh reminder of how choppy this stock is right now.

So what

Boeing investors have endured a difficult few years, with the shares pressured first by issues that led to the 737 MAX being grounded for 18 months and then by the impact of the pandemic on airlines. The company appears to be on the comeback trail, but after taking on billions in fresh debt during the pandemic, it's a long way away from normalizing operations.

On Tuesday, Boeing reported it delivered 112 commercial aircraft during the recently completed third quarter. That total included 88 planes from the 737 family, as well as nine 787 Dreamliners.

In September, Boeing delivered 37 737s, up from 28 in August and 23 in July. The company also reported 90 net commercial orders in September, led by a 42-plane order from Canada's WestJet. Boeing's order activity for the month was much stronger than at archrival Airbus, which reported net orders for 10 planes.

The news had Boeing shares up, but that rally was cut short by a midday report that suggests an effort by the company to delay the deadline to secure regulatory approval for a new 737 variant had run into turbulence. Reuters reported that an amendment to extend a December deadline for certification was not part of the latest defense bill making its way through Congress.

Absent an extension, the new versions of the 737 MAX would have to include new, updated cockpit-alerting systems that could delay the planes' entry into service and mandate extensive, time-consuming pilot training. Boeing has argued that for the sake of efficiency, all 737 MAX planes should be subject to the same standards.

Now what

Both news items are noteworthy, but neither should be market moving. The deliveries and order success are clear positives that show Boeing is making progress regaining cruising altitude, but they're hardly an "all clear" signal that the company's troubles are behind it. Should the 737 deadline lapse, it would be a setback to the program, but one that can be overcome.

Put together, the two stories paint a pretty good picture of where Boeing is right now. The company is in much better shape than it was at the height of the pandemic and is trending in the right direction. But there are a lot of challenges up ahead, and few quick fixes to the company's problems.

Factor in the new risks that come with fighting inflation -- specifically the risk that the global economy slows enough for airline customers to defer future deliveries -- and Boeing appears rangebound for now. In that sense, the up-and-down movement of the stock on Tuesday is a perfect microcosm of where Boeing is right now.