BusinessWeek reports that Boeing Inc.'s (NYSE: BA) 27,000 workers in the International Association of Machinists (IAM) union are eager to strike and they don't want to wait. Their anger is a microcosm of all those in America who feel that they have paid the price for globalization. Unfortunately, for Boeing and IAM, there is no contract that can relieve their anger.

BusinessWeek reveals six sources of IAM worker rage:

• Requiring workers to pay more of their health care costs - Boeing "is demanding that workers pick up more of the tab for their health-care costs. Some workers argue that a few visits to the hospital would instantly eat up any wage gains," according to BusinessWeek.
• Limiting death benefits for IAM members' families - Boeing wants to "limit death benefits for survivors, giving spouses of deceased Boeing workers a flat $4,000 payment instead of guaranteed monthly payments for life," according to BusinessWeek.
• Outsourcing - Workers believe that Boeing's decision to outsource much of the work on the 787 is responsible for production delays and that the program would have gone more smoothly if they had done more of the work in the U.S.

Investors were pleased with the earnings news from specialty metals manufacturer Allegheny Technologies Incorporated (NYSE: ATI). They bid the stock up some 6% Tuesday, January 29 despite the fact that shipments and operating profits in 4Q2007 slipped and are expected to continue to be soft in 1Q2008.

For the year, Allegheny Technologies posted record sales of $5.45 billion, up 10%. Net income shot up 30% to a record $747 million. Cash flow increased by $121 million so that the company has more cash than debt, operating profit increased by 23%, EPS hit $7.26, and international sales topped $1.5 billion, another record. As a result, Allegheny Technologies initiated a half-billion dollar stock buy-back program and raised the dividend for the third straight year.

Overall, the picture looks good, but there are some negatives. Raw material costs continue to increase. Demand for stainless steel products was "extraordinarily weak," offset in part by stronger demand for tungsten and tungsten carbide products. Demand remains strong in the commercial aerospace and defense segments which results in strong demand for titanium based products for aircraft frames. Supply chain uncertainties with the Boeing 787 Dreamliner, however, may curtail operating profits in that segment.

Given its diverse product offerings, its expanding joint centure in China, Allegheny Technologies appears able to withstand whatever the U.S. economy will do in the coming months.

Boeing Co. (NYSE: BA) just got two more orders for its new carbon-composite 787 Dreamliner jet. At list price, these orders are worth more than $7 billion, although discounts are norm in the industry.

Air Canada said today it is increasing its original purchase of the 787 commercial aircraft by 23 planes, raising the total order to 37. Deliveries of the plane would start in 2010. The 23 planes carry a list price of about $3.7 billion. Air Canada also reduced its original Boeing 777 firm order by two.

Meanwhile, according to different sources, Virgin Atlantic Airways will also buy 15 planes valued at $2.8 billion at list prices with an option buy up to 24 Boeing 787s Dreamliners.
Virgin and Boeing also announced an environmental partnership that includes a joint biofuel demonstration aimed at developing sustainable fuel sources suitable for commercial jet engines and the aviation industry. The demonstration is being worked jointly with GE Aviation and Virgin Fuels.

Many 787 parts are made of carbon-fiber composites, which are lighter than the metal usually used to build aircrafts, making it more fuel-efficient and resistant to corrosion. The Dreamliner uses 20% less fuel compared to similar sized airplanes and provides airlines with up to 45% more cargo revenue capacity. It is designed to have lower carbon emissions and quieter takeoffs and landings. There is also a new interior environment with higher humidity, wider seats and aisles, larger windows, and other conveniences. The Dreamliner is scheduled to make its first flight in August and to enter commercial service next year.

So far, the Boeing 787 Dreamliner is a big hit with 544 orders from 44 customers (not including today's announced orders). As BA shares reached a new 52-week high today, do they still have room to soar with its Dreamliner? Remember, Prudential upped its target on BA to $103 just yesterday.