Boeing Comes Through the Clouds

The company is talking about a delivery rebound in Asia, and Cramer thinks this good news warrants watching.
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If you are like me, you are looking for positives in a sea of gloom.

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Message Boards. Well, I've got a good one:

Boeing

(BA) - Get Report

. Nah, I won't buy the stock yet; I don't think these guys have a handle on anything as far as earnings are concerned.

But on the conference call, Boeing is talking about an Asia delivery rebound in 2001. For most companies, something two years away is a real yawner. Not with Boeing. If Boeing sees a turn, it has to move fairly soon to build inventories to meet that delivery sked.

Previous to this call, Boeing was looking for down deliveries in Asia, so this is a big change. An important change because this market, which had Boeing seem like a growth stock, stopped in its jet stream in 1997 along with the Asian stock markets.

Boeing has long cycles. This downturn, if it ends in 2001, is a fairly typical decline. There are hundreds of companies leveraged to a turn at Boeing. Hundreds. If you take Boeing at face value on deliveries (and it has screwed up on many, many things, but it has always known what its deliveries would be), this piece of good news has to be watched. There are a lot of 52-week-low stocks out there that shouldn't be there if Boeing knows what it is doing about these Asian deliveries.

Random musings:

Great debate raging on our

boards about how I am "pushing chat" for the sake of personal gain. Go see my response right now. If I were half as sinister as people make me out to be, I would quit and write killer novels.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.