Boeing (BA)

The sleeper story is Spirit's $1 billion cash furnace that management buried in the guidance bridge - this acquisition is becoming far more expensive than advertised just as Boeing needs cash for production ramp. Yes, they delivered on rate increases and turned cash positive, but the 777X delay is purely regulatory friction that could resolve quickly or drag indefinitely. The real constraint isn't demand or even production capacity - it's cash flow management across multiple multi-year drags that Jay admitted will take until 2029 to fully resolve. Ortberg's most telling quote: 'we very much underestimated how much work it was going to take' - rare admission of planning failure. My view changes if they can quantify Spirit synergies that offset the integration costs, or if the FAA streamlines the TIA process Ortberg mentioned discussing with Administrator Whitaker.