Boeing Co said on Thursday its 787 Dreamliner would finally make its first flight by the end of this year, with initial delivery expected in the fourth quarter of 2010, and its shares shot up 8 percent. Standard & Poor's upgraded Boeing shares to “buy” from “hold.” Boeing, the No. 2 plane maker behind EADS unit Airbus, said it expects its 787 program to be profitable eventually, but also plans to take a third-quarter charge to write off the cost of the first three test-flight planes, which it says have no commercial value because of extensive modifications. The date of the first test flight has been put off repeatedly because of production problems and a two-month labor strike, hurting Boeing's credibility as it grapples with the commercial aerospace slump. The latest delay was in June, when Boeing said the plane would not fly as scheduled during the second quarter so it could reinforce a side-of-body section of the aircraft. The June delay was the 787 project's fifth, with the first coming in 2007.
