Byron Callan News

General Dynamics Sets High for the Year on Pentagon Spending Approvals

Shares in military contractor General Dynamics Corp. rose to a fresh 52-week high Monday after Congress approved on Friday a supplemental spending bill with money earmarked for the company's main products. Two analysts reiterated bullish forecasts on Monday, citing the budget approvals, helping General Dynamics shares rise $1.75, or 2.4 percent, to $73.42 in recent trading on the New York Stock Exchange. The stock reached as high as $73.59 earlier in the session, eclipsing its pervious year high of $72.92. On Friday, Congress passed an additional $70 billion spending for Iraq and Afghanistan as part of a record Pentagon budget of $448 billion, which included new funding for General Dynamics' M-1 Abrams tank and Stryker armored vehicle programs.