‘Teflon’ Northrop Grumman’s stock jumps despite defense industry challenges

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Despite missing Wall Street’s top and bottom-line third-quarter estimates and delivering a weak outlook this week, Northrop Grumman Corp.’s stock continues to live up to its ‘teflon’ reputation.

As expected, Northrop Grumman’s NOC, +2.35% stock shook off Thursday’s miss and was up 2.9% on Friday, outpacing the S&P 500 index’s SPX, +2.46% 2% gain.

Strong growth in Northrop Grumman’s space business offset third-quarter shortfalls in its aeronautics- and defense-systems divisions. The defense company also said that its third-quarter sales reflect improving trends in labor availability, partially offset by supply-chain delays. In a letter to investors L3Harris Technologies CEO Christopher Kubasik said guidance was impacted by factors including “the timing of a Mideast aircraft missionization program” and supply disruptions.

On Friday Raymond James downgraded L3Harris Technologies to market perform from outperform, citing the stock’s recent outperformance, and factors affecting the company’s sales and margin performance.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

When you make weapons for the American war machine it's all gravy baby.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines