Patriot Missile News

The nation's third- and fourth-largest defense contractors on Wednesday beat Wall Street's first-quarter profit targets, posting strong gains in operating results driven by their combat and electronic systems businesses. Raytheon Co., maker of the Patriot missile, business jets and radar systems, reported a 21 percent increase in profits from ongoing operations to edge past analysts' consensus estimate. But after the affect of a large charge, the company showed a net loss. General Dynamics Corp. surprised analysts with a 15 percent jump in net profits that easily surpassed expectations. The maker of nuclear submarines, tanks and destroyers followed by boosting guidance for full-year profits. Defense stocks shot higher in Wednesday trading amid a broad market rally.