There's no business like the arms business: Here's how the top US defense companies did in Q2 earnings

The Trump administration's 2019 defense-friendly spending bill increased the Pentagon's spending power to aNext week, the Senate will vote on a $1.3 trillion budget deal for fiscal year 2020 that includes $738 billion for defense.

was slightly higher for this week after the companies reported. So far this year the benchmark ETF is up nearly 26%.An F-35 jet flies above Royal Navy aircraft carrier HMS Queen Elizabeth.Lockheed Martin's stock initially popped after the company reported strong second-quarter results, but shares slid during the day and closed negative. The Pentagon's biggest weapons supplier showed another solid quarter and the company raised its 2019 forecast for both earnings and revenue.

Hewson also said that hypersonic weapons contracts will account for $3.5 billion across the company once all of the deals are finalized.U.S. Navy Aviation Electronics Technician signals to the crew of an EA-18G Growler on the flight deck of aircraft carrier USS Carl Vinson.Boeing's defense business stayed strong in the second quarter, although investors focused on the company's commercial airplane unit and the stock slid.

The company's Integrated Defense Systems unit reported $264 million in operating income in the second quarter, booking $485 million and $375 million to provide the Patriot missile defense system to Romania and Qatar, respectively.

'While the companies’ quarterly performances remained strong, collectively their stocks were largely unchanged. The iShares U.S. Aerospace and Defense ETF was slightly higher for this week after the companies reported. So far this year the benchmark ETF is up nearly 26 percent.'

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