The Street by Kinsey Grant Aug 9, 2017
As nuclear missile threats have increased, so too has interest in defending against them.
Stocks of Lockheed Martin Corp (LMT) , Raytheon Company (RTN) and Northrop Grumman Corp (NOC) jumped to all-time highs midday Wednesday as threats between North Korea and the U.S. intensified.
Even as the broader equities market sank with investors fleeing to safe haven assets, Lockheed stock jumped 1.56% to $304.79, Raytheon increased 2.19% to $178.62 and Northrop traded up 1% to $272.46.
The three stocks tend to gain on war chatter, but Lockheed and Raytheon both said they've been fielding an increased number of inquiries about their missile defense products as North Korea begins testing long-range missiles more frequently, Fox Business reported.
Lockheed, which is the Pentagon's top weapons supplier, said customers who want to defend themselves against possible incoming missile attacks have put missile defense at the top of their lists.
"The level of dialogue around missile defense is now at the prime minister and minister of defense level," Lockheed said. The U.S. government accounted for roughly 70% of Lockheed's business last year. The Maryland-based company has been working to grow its international business, which was 27% of revenue last year, Reuters reported.
More:
https://www.thestreet.com/story/14263642/1/lockheed-sees-increased-interest-in-missile-defense-amid-north-korea-threats.html?puc=yahoo&cm_ven=YAHOO&yptr=yahoo
