A potential BUY signal for the nation's largest exporter: the USA Today piles on Boeing in an article examining its string of bad fortune and mishaps over the past year. Nothing new here, of course, and all very first derivative thinking about the state Boeing is in.

Having said that, Boeing is indeed having problems. The 787 is late...again, this time due to engineering issues in production testing. The CEO admits their sales may have stretched out ahead of their ability to execute, and this sits on top of an overall weakening economy worldwide, affecting its entire customer base. For insult upon injury, Boeing's normally airtight defense business has been dented (nice timing!) by pending cancellation of Future Combat Systems and still unresolved situation on the KC-10 tanker award. As USA Today writes, the summer that was supposed to be their proverbial time in the sun has turned stormy for Boeing:

"Every aircraft, and every defense program Boeing is involved in is having problems," says Scott Hamilton, an independent aircraft manufacturing and sales analyst and consultant. "Boeing is, quite simply, a mess right now. And I say that as an unhappy shareholder."

Ouch. But looking again at this as superficial thinking, one could argue that the current hardships, although significant, will hardly slow down Boeing in the long run. The 787 will eventually get into a reliable production schedule and will be a great, even revolutionary plane. The backlog will still be huge. Boeing will still dominate in defense & space -- if nothing else they are one of the big 5 defense firms with existing major programs that are not going away. Enough to make Boeing a buy?