Northrup Grumman (NOC +0.6%) may be blowing smoke by raising estimates earlier this week in the...

Northrup Grumman (NOC +0.6%) may be blowing smoke by raising estimates earlier this week in the face of looming budget cuts, says Motley Fool contributor Mary Posey. Despite posting better-than-expected Q1 results, the company saw anemic growth and an 8% decline in sales Y/Y. The Pentagon's budget for FY13 is already looking dismal, and any cuts would deeply affect some of the company's top selling programs.