Boeing’s backlog boom puts cash flow to the test

Boeing’s (BA) recovery story is starting to change. For most of the past year, the stock traded on backlog and the idea that production would eventually normalize. Now, the focus is shifting. Investors are no longer asking whether demand exists. The order book is already there. The stock is down more than 22% since reporting Q4 earnings on Jan. 27, showing the market still isn’t convinced the turnaround is real. At the same time, the broader backdrop is changing. Airlines are still expanding routes ...