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

And if oil rallies on Wednesday's crude numbers, pick up some Cypress Semi (CY) or Sunpower (SPR) because they report on Thursday and I think that CEO T.J. Rodgers gave us a green light on the earnings front the last time he was on "Mad Money."

AVAITION AREA BUILDING AIRLINE PARTS (COMPOSITES) FOR BOEING. NEED TO EXPAND AND MAY PURCHASE NO LONGER USED REAL EASTE THAT AIRBUS HAS.