Within the last couple of months, Boeing (BA) has absolutely collapsed. The airplane manufacturer traded down to $102 last week following the leak of an SEC review regarding program accounting. The Bloomberg report suggests the SEC is reviewing the accounting of the 787 Dreamliner and 747 jumbo aircraft. Naturally one has to wonder if the large drop is justified by the news of an issue that many analysts have questioned for years. Program accounting is very subjective to the estimates of future deliveries for the airplane and the ability to reduce costs as production increases. With the stock down from roughly $150 to only $108, one has to wonder if the market isn't overly discounting the potential downside of this SEC review. $BA, Boeing Company (The) / 1440 Boeing should rebound as the investment community better understands the review. Not to mention, neither aircraft in question includes the more popular 737 that accounts for most of the large backlog. Disclosure: No position