And now we have a whole new cohort going, which is aerospace. If Boeing (BA) really does ship, then you can buy a host of companies, including BE Aerospace (BEAV), Triumph (TGI), Allegheny (ATI), Honeywell (HON), Goodrich (GR) and Spirit (SPR) -- the last could be huge!

His picks: WellCare Health Plans (WCG), a Medicaid and Medicare service-provider; Boeing (BA); Northrop Grumman (NOC); and Spirit AerosSystems (SPR). "They've produced and earned, but are priced for a diminishing future based on presidential rhetoric," Bruce Berkowitz of Fairholme (FAIRX) says.

I like Spirit Aero Systems (SPR), adds Joe Terranova. I think you can get long.

And I’d look at Spirit AeroSystems (SPR) says Joe Terranova.

PE of 6, and a PEG of 0.54

He said that Spirit AeroSystems (SPR), which derives 87% of its sales from the now idled Boeing, has already cut its workforce to a three-day work week and said layoffs are looming. The company will see a 6% hit to 2008 earnings if the strike lasts a month.

At 25, Spirit trades at less than 11 times 2008 earnings, compared with 13.2 times for Boeing and 14.7 times for the aerospace and defense group. That already-depressed price renders further disappointment far less likely. How many air travel-related businesses can you say that of these days?

Aerospace

Spirit Aerosystems (SPR) was upgraded to Buy rating from Neutral at UBS. Price target holds at $30 while FY09 eps estimates cut to $2.46 from $2.55.

under valued