A little over two months ago, I told you about a stock that I thought was headed for a rough landing.

Well, it turns out I was right. Plane-maker and defense contractor Boeing (BA) announced another delay in the development of its new jet, the super-lightweight 787 Dreamliner. Boeing said that it will now push back deliveries until the first quarter of 2010.

Originally, the commercial plane manufacturer planned to deliver its new jet in May 2008, and it expected to make its first flight by year-end 2009. The company blames employee strikes that disrupted operations and cost Boeing up to $100 million a day, and other production setbacks relating to the plane’s unique structure.

This does not bode well for Boeing, as the Dreamliner will be the company’s first all-new aircraft in more than a decade. This pushes revenue into later years, and higher costs as a result of expensive penalties every time it extends the production schedule.

The new jet is expected to be 20% more fuel-efficient than other planes used on long-distance flights. Once it is delivered, the plane could be as revolutionary as the Toyota Prius!

Boeing now has to evaluate the impact this will have on customer deliveries, as well as its earnings forecast for 2009.

Last time we discussed Boeing, it was a D-grade stock in PortfolioGrader. Today, it is still a D-stock but its fundamental variables keep trending down. Sell Boeing if you still own it in your portfolio.