Defense Companies Rebound

Thursday, April 20, 2000
Defense companies, which have suffered mightily on the stock markets of late, took a sharp upturn, led by General Dynamics Corp., which posted strong earnings last Wednesday and was upgraded by brokerage SG Cowen Thursday. Shares of General Dynamics, builder of the Seawolf submarine and M-1 tank, as well as Gulfstream corporate jets, gained as much as 5-1/8 in morning trading on the New York Stock Exchange, before settling back to 55-3/4, up 3-3/4. Exchange. A spate of aerospace- and defense-related companies posted earnings that mostly beat Wall Street expectations Wednesday, including commercial aircraft and defense giant Boeing Co. and United Technologies Corp., which makes engines and helicopters, but also elevators and air conditioning systems. Shares of Raytheon, which reported earnings Wednesday that met lowered expectations amid the sale of a money-losing unit, gained 1-1/8, to 20-13/16. Lockheed, which has restructured, cut costs and put units up for sale as it strives to return to earnings growth, gained 1-1/8 to 22. Morgan Stanley Dean Witter analysts Heidi Wood raised her rating on Boeing Thursday to strong buy from outperform, citing a possible upturn in deliveries, rising cash flow, and better-than-expected earnings. Boeing shares gained 1-9/16, to 38-3/4. Shares of Northrop Grumman Corp., which like Lockheed is set to report earnings next week, gained 2-1/4, to 66-1/8. Litton Industries gained 3/4, to 41-3/16, and Newport News, another combat-ship maker, gained 3/4, to 31-3/16.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Port City Plans for New Cargo Taxes Angers Kenya Govt, Shippers

Proposals by a local authority to impose new taxes on cargo at Kenya's main port has drawn opposition from the government and shippers, saying it will hike import

DP World Mulls Senegal Free Zone

DP World  is looking to develop a free zone in Senegal, Chairman Sultan Ahmed bin Sulayem said on Wednesday. Sulayem was speaking at an African investment event in Dubai.

Skangass Builds LNG Terminal in Pori, Finland

With investment support from the Finnish Government of 185 million NOK Skangass has decided to build a new import terminal for LNG. The terminal will be completed in 2016.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1007 sec (10 req/sec)