Boeing Delay Buoys Skeptics

Now come the doubts about Boeing (BA Quote).

Perhaps it should have been clear in July that this uber-company was living a dream that could not possibly last.

In the second quarter, Boeing beat estimates for the third time in a row. Its stock reached an all-time high, its 787 Dreamliner was the hottest prospect in aviation history and its order backlog was four times annual revenue. And, for good measure, its only competitor had recently imploded.

Boeing came back to earth Wednesday, saying the 787 will delayed six months until November or December of 2008. Its shares fell only about 3%, significant but still a sign that investors had largely factored in a delay, even though, just a few days earlier, a Boeing executive told reporters in Australia the plane was on schedule for May delivery.

Boeing shares also fell Thursday, losing 2.5% to $96.26. Now, they're down about 10% since the July high -- which was nearly reached again last week.

So Boeing is no longer invincible. The questions will become edgier, the skepticism higher.

"You can't rule out the possibility there could be more delays," says aerospace consultant Scott Hamilton. "Boeing may be absolutely confident that they have everything in hand now, but they don't really know what else might come up. You don't know what you don't know."