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Stock Market & Financial Investment News

News Breaks
May 14, 2014
09:01 EDTHRSHarris receives $78M order from nation in central Asia
Harris Corporation has received a $78M order from a nation in central Asia for the next phase of an integrated tactical communications system that provides armed forces with enhanced command and control capabilities.
News For HRS From The Last 14 Days
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December 1, 2015
09:02 EDTHRSHarris awarded $113M U.S. NAVSEA contract
Harris Corporation has received a four-year, $113M contract from the U.S. Naval Sea Systems Command, or NAVSEA, to upgrade the Navy's primary long-range, three-dimensional defense radar. The contract includes an initial $39M order and three one-year options. The contract was received in the first quarter of Harris' fiscal 2016.
November 30, 2015
10:48 EDTHRSGeneral Dynamics gains as Barclays shuffles ratings on major defense stocks
Shares of General Dynamics (GD) rose, while Lockheed Martin (LMT) and Raytheon (RTN) fell in morning trading after an analyst from Barclays shuffled his rating on the three defense companies. ANALYST ACTIONS: Barclays analyst Carter Copeland upgraded General Dynamics to Overweight from Equal Weight and maintained a $157 price target on shares, saying that Gulfstream-related fears are "overly discounted" at the current price. The analyst added that the company has the best risk/reward chances of any company in the sector, despite its recent lag in its valuation. In other moves, Copeland downgraded Lockheed Martin to Underweight from Equal Weight on valuation and lowered the price target to $210 from $215. The Barclays analyst said that Lockheed's 2016/2017 consensus estimates need to come down 8%10% as the company's new segments will likely a have lower multi-year profile than investors currently believe. Copeland added that "there's a lot to like" about Lockheed Martin, but that it "doesn't make sense" to expect further outperformance. The analyst also downgraded Raytheon to Equal Weight from Overweight with a $125 price target, also citing valuation. Copeland said that the defense contractor has reached the firm's price target and that "not much has changed" from a fundamental perspective to argue for further expansion. INDUSTRY VIEW: Copeland maintained his neutral stance on the defense sector as a whole given macro uncertainties elsewhere as well as terrorism-related fears but despite higher valuations. The Barclays analyst said that recent moves have motivated the firm to alter its ratings of companies in the sector, placing General Dynamics at the top of its rank-order preference, then Northrop Grumman (NOC), Raytheon, L-3 Communications (LLL), Lockheed Martin and Huntington Ingalls (HII) "at the bottom." SECTOR PEERS: The analyst added that defense peer Huntington Ingalls seems to be the best structural underperformer despite its recent rally, while Northrop Grumman has become arguably the best fundamental story in the industry. Copeland also said that L-3's improvements are "arguably priced in," though the company has much to do without any assurance of success. The analyst said he still prefers Orbital ATK (OA) and Harris (HRS) to the "defense primes" and anticipates upside to warrant Overweight ratings. PRICE ACTION: In morning trading, General Dynamics gained 0.78% to $146.70, while Lockheed Martin fell 2.2% to $220.95, Raytheon declined 1.32% to $125.15. Huntington Ingalls fell 0.5% to $132.11, Northrop Grumman declined 0.14% to $188.14, L-3 fell 1.09% to $123.11, Orbital ATK dropped 0.35% to $86.10. Meanwhile, Harris gained 0.52% to $83.53.

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