With a focus on giant things that fly, Boeing is a leading maker of large commercial jets and a top defense contractor.
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We are entering a new cold war. No doubt about it. China's military budget is rising, Russia rose its head high and the US will not be able to cut spending on defense regardless of who is elected.
However I think the defense department of Boeing is just a small cash cow, when we compare it with the new carbon based 787 that the company is currently testing. With oil at 129$ and a lighter, less fuel consuming, less maintenance needing 787 Dreamliner, every air company will at some point need to add a 787 when rebuilding their fleet, due to economic reasons. The carbon based 787 has a competitive advantage of 6 years against Airbus and makes Boeing the new leader of new carbon based jets for the future. With a backlog orders of 6 years and a good valuation I think it's a good bet.