Boeing shares have been hot.

Boeing Corp.  (BA) is on fire.

The company posted its best monthly stock jump since January 1988 this July, rising more than 22% over the month and tacking on a cool $26.5 billion to its market cap. The last July that was comparable for the company was the July of 1978 - when the company rose 21.99% -- almost forty years ago, and not even a decade after the company went public.

Here's what happened.

Cost Cutting

The company plans to cut full-year CapEx by $300 million while still delivering more than 750 planes this year. Talk about profits.

Cash Generation

The company generated more than $5 billion from operations in the quarter, beating expectations - and last year's numbers -- by $2 billion. Cash is king, especially in manufacturing businesses.

Big Backlog

The company has a backlog of $424 billion, which includes more than 5,700 planes - equivalent to seven years of production. Investors love predictability. 

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