Boeing Earnings Lift Off Defense ETFs

Wall Street and related exchange traded funds (ETFs) were impressed by the 4% increase in fourth-quarter profits by Boeing Co. (BA).

Delays in the 787 Dreamliner program don’t appear to pose a threat to performance. Dave Carpenter for Associated Press reports that the world’s second-largest commercial jet maker is continuing to address problems with the first 787’s and will slightly reduce 2008 revenue and deliveries estimates.

Boeing shares have taken off to $83.78 in midday trading. Boeing’s net income for the last three months of 2007 was $1.03 billion or $1.36 per share, 4 cents higher than Thomson Financial analysts’ expectations.

PowerShares Aerospace and Defense (PPA) has Boeing at 5.02% of assets and iShares Dow Jones US Aerospace and Defense (ITA) gives Boeing 8.44% of assets in the basket.