The terms of this deal are very generous to the union. I don't think it has any impact on the turnaround at Boeing, which is driven by productivity improvement, getting more planes out the door with less cost. It's independent of wage assets.

Neither item is good news, so you can't say it's one or another. A plane crashes can always impact the stock, but it's probably not a big problem given the strong safety record of that aircraft.

It's continued fallout from Boeing's earnings release and comments coming out of the conference calls for both Boeing and Honeywell. People are beginning to realize that these companies are expensive relative to earnings.

It's continued fallout from Boeing's earnings release and comments coming out of the conference calls for both Boeing and Honeywell. People are beginning to realize that these companies are expensive relative to earnings. You also have a lack of improvement in some of the airline names that have reported recently weighing on these companies, too.

In terms of how it affected financial markets, it did have an immediate impact, but I don't think it's long-lasting at this point until we know a little bit further what the situation is surrounding it.

I don't think there's a whole lot at stake. The Republicans are clearly more vocal about supporting defense, more vocal about specific issues. But there's no reason to assume the Democrats are bad for defense. It's not supported by hard facts.