Will Boeing's 787 really fly this year?

Boeing (BA) announced that it expects to test fly its Dreamliner 787 by the end of 2009. But the 787 -- which has generated 850 orders and a $154 billion backlog -- was supposed to start flying two years ago and it's been delayed five times already. At the Paris Air Show in mid-June 2009, Boeing told the public that the 787 would fly by the end of that month -- only to announce an indefinite delay at the end of June.

So is Boeing's latest deadline going to be the real thing or just another head fake? If you believe the stock market, the 787 will indeed fly this year -- Boeing stock spiked 8.5 percent yesterday. Boeing is taking a $2.5 billion non-cash charge because airlines are balking at purchasing its first six test aircraft.