Defense shares gain on spending boost in US budget
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Defense shares gain on spending boost in US budget,GPS TrackerDefense shares gain on spending boost in US budgetThe Standard & Poor's Aerospace & Defense Indexartificial apple.GSPAERO gained about 1.5 percent on Monday."In general it was better than we expected, across the board" #x in terms of the increases in the base budget as well as weapons procurement spending, said Craig Fraser, aerospace and defense analyst for debt rating service Fitch Ratings.Among big names, industry leader Lockheed Martin Corp (LMT.N) gained 37 cents, or 0.5 percent, at $74.89 while aircraft maker Boeing Co (BA.N) rose 1.8 percent to $61.70. Northrop Grumman Corp (NOC.N), a provider of ships and unmanned spy planes, rose 2.3 percent to $57.92.Sanford Bernstein analyst Douglas Harned said in a note to clientsartificial applethat Lockheed was likely to face "near term margin pressure" as it is forced to take on more development risks tied to the F-35 Joint Strike Fighter, the world's largest military aircraft program.Defense Secretary Robert Gates said he would dock Lockheed $614 million in performance fees because the F-35 program's performance had not met expectations over the past two years. Gates also replaced the Pentagon's manager in charge of the program.General Dynamics Corp (GD.N) was up 3.9 percent at $69.43. Sanford Bernstein said the maker of tanks and ships stood to benefit from increased spending on the war in Afghanistan outlined in the budget.Defense stocks were overshadowed in 2009 by U.S. defense program cuts and concern #x that spending growth will slow in coming years as the Obama administration looks to devote more resources to equip soldiers to fight insurgents."With the very large federal deficits that we're seeing overartificial applethe next few years, there will continue to be some concern about defense spending," Fraser said.相关的主题文章:
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