MAJOR PAPERS:

• General Motors Corporation (NYSE: GM) and Ford Motor Company (NYSE: F) want to export more of their vehicles around the globe, and are getting a lift from new labor contracts and the weak dollar, which they believe will translate to bigger profits, the Wall Street Journal reported.
• The Wall Street Journal also reported that former Fed chairman Alan Greenspan has been criticized for how he handled the economy before retiring two years ago, and is under attack for policies that many say started the current financial crisis.

OTHER PAPERS:

• According to a person with knowledge of the matter, the Seattle Post-Intelligencer reported that The Boeing Company (NYSE: BA) is likely to announce a new delay of at least six more month for the 787 Dreamliner this week.

WEB SITES:

• According to 'numerous sources,' Housing Wire reported that Washington Mutual Incorporated (NYSE: WM) may have decided to exit wholesale mortgage origination.

The other day, Allegheny Technologies Inc. (NYSE: ATI), the largest stainless steel producer in the U.S., experienced a steep decline in share price. This company produces not just stainless steel but also titanium and other materials, as well as develops engineered products used in cutting tools and diecasting, usually to be used in the aerospace, automotive, and appliance sectors.

When the investor sees a fall in share price, there are two conclusions. Sometimes these types of price drops are warranted; sometimes they scream to the savvy investor: opportunity! This is a case of the latter. The reason for the drop the other day was a company report that stainless steel and nickel prices were volatile and falling, which then negatively impacted its stainless steel segment. This report prompted share prices to fall by $10 -- well beyond what I feel was warranted.

In addition to falling prices, ATI's prospects were dampened recently when Boeing announced that it would deliver its Dreamliner 787 planes six months later than expected. Each plane required 250 THOUSAND pounds of nickel, which ATI was going to supply, so this is a blow. Provided this delay doesn't get extended, I don't see it affecting ATI in the long turn. The management is solid, and demand for its specialty metal product isn't going away.

The Associated Press reports that The Boeing Company (NYSE: BA) has announced that it's delaying the shipment of its 787 Dreamliner from May 2008 to November 2008. The culprit? Unspecified manufacturing problems.

Boeing CEO Jim McNerney was disappointed with new schedule and said, "Notwithstanding the challenges that we are experiencing in bringing forward this game-changing product, we remain confident in the design of the 787, and in the fundamental innovation and technologies that underpin it."

It will be interesting to see how Boeing will be able to meet the new deadline without "materially affect[ing] its earnings or guidance for next year." Meanwhile, with its stock down 3%, the market appears skeptical of this claim.

Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Boeing.