Wed, May 20, 7:40 AM
Tue, May 12, 3:55 PM
- A federal judge reportedly has dismissed a lawsuit filed by Raytheon (NYSE:RTN) to block the U.S. Air Force from revisiting a contract for a long-range radar that was won by RTN and was challenged by rivals Lockheed Martin (NYSE:LMT) and Northrop Grumman (NYSE:NOC).
- RTN is said to have 60 days to appeal the decision by a judge with the U.S. Court of Federal Claims.
- The court's move will allow the Air Force to proceed with a re-evaluation of proposals submitted by all three bidders and potentially reopen the competition.
Tue, May 12, 3:26 PM
- Boeing (BA -0.1%) is not planning big changes in its defense and space business or a major deal if it fails to win a share of upcoming Pentagon weapons contracts potentially worth more than $100B, CEO Jim McNerney tells investors.
- The competition to win deals to build new long-range bombers and jet trainers for the U.S. Air Force, as well as large drones for the Navy, to replace declining sales of fighter jets is viewed by analysts as a must-win for Boeing and its partners in the contest, Lockheed Martin (NYSE:LMT) and Saab (OTC:SAABF); a contract award is expected this summer.
- Wes Bush, McNerney's counterpart at Northrop (NYSE:NOC), also has rejected suggestions that the bomber contest could prompt another round of industry consolidation.
- PDF: Investor presentation
- Earlier: Highlights from Boeing's annual investor conference
Tue, May 12, 9:55 AM
- Northrop Grumman (NOC -0.5%) has been awarded a £28.8M contract by the U.K. Home Office to provide service to the Forensic and Biometric Interim Capability (FABrIC).
- Under the two-year FABrIC contract, a recompete of IDENT1, Northrop will maintain and enhance IDENT1 core software, which provides identity management and crime scene forensic systems.
Wed, Apr. 29, 8:06 AM
- Net income of $484M, or $2.41 per diluted share vs. $579M, or $2.63 per diluted share in the first quarter of 2014.
- The company repurchased 5.3M shares of its common stock for $859M during the quarter. As of March 31, 2015, the company had repurchased 47.5M shares toward its previously announced goal of retiring 60M shares by the end of 2015.
- Total backlog as of March 31 was $38.4B compared with $38.2B a year ago.
- The company also raised its earnings forecast for the full year to a range of $9.40-$9.60 from an earlier range of $9.20-$9.50.
- NOC +2.1% premarket
- Q1 results
Wed, Apr. 29, 7:09 AM
Tue, Apr. 28, 5:30 PM
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Mon, Apr. 27, 7:09 AM
- Northrop Grumman (NYSE:NOC) announces a new contract to provide gyrocompass navigation systems for 12 Kingston Class coastal defense vessels of the Royal Canadian Navy.
- Northrop's Sperry Marine business unit has also been selected by Maersk (OTCPK:AMKBY) to upgrade radar and ECDIS systems on more than 80 vessels.
Wed, Mar. 25, 8:27 AM
- Northrop Grumman (NYSE:NOC) has been selected by the Royal Canadian Air Force to provide infrared missile protection on its fleet of CH-147F Chinooks.
- The defense company's various infrared countermeasure systems are now installed or scheduled for installation on more than 1,000 military aircraft around the world.
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Thu, Mar. 12, 11:33 AM
- Sikorsky Aircraft would be a sought-after property if United Technologies (UTX +2%) follows through with a sale, probably as a tax-free spinoff that could be valued on a stand-alone basis of $7B-$8.5B, or $8-$10/share, Sterne Agee's Peter Arment calculates.
- Citi's Jason Gursky says a deal should be met favorably, Sikorsky is not well aligned with UTX’s vision of being exposed to end markets that will likely benefit from the world’s growing middle class.
- Gursky is looking to Northrop Grumman's (NYSE:NOC) 2011 spinoff of Huntington Ingalls as an example, which led to the levering up of the spinco and the repurchase of the parent company stock.
- Management has put no timeline on the potential alternative outcomes, but Arment expects a conclusion by mid-summer 2015.
Wed, Mar. 4, 9:21 AM
- The U.S. Air Force's RQ-4 Global Hawk program saw a significant decrease in cost per flight hour, bringing down the system's cost to the point of being half of a manned alternative.
- Northrop Grumman's (NYSE:NOC) aircraft also saw close to a 40% increase in flight hours from 2013 to 2014 and maintained a perfect safety record during the year following its designation as the safest platform in the Air Force's active inventory in 2013.
Wed, Feb. 18, 8:58 AM
- As a step toward providing allied nations with weapons, the U.S. government has established a policy that will permit the widespread export of armed drones for the first time.
- Under the new rules, foreign governments' requests for drones will be examined on a case-by-case basis, while recipient nations must agree to certain "end-use assurances."
- To date, the U.S. has sold its armed drones only to Britain. Unarmed military drones, used primarily for intelligence, have been sold to several countries, including France and Italy.
- The shift in policy comes just days after the FAA proposed rules that would lift some restrictions on drones for commercial use.
- Related stocks: AVAV, NOC, TXT, LMT, LLL, RTN, BA, SAIC, GD, OA, COL, UTX
Wed, Feb. 18, 4:38 AM
Fri, Feb. 13, 11:31 AM
- Dennis Ruhl of the JPMorgan Intrepid Value fund sees some potential bargains hatching in the slumping energy sector, and he particularly favors ConocoPhillips (NYSE:COP).
- Ruhl says COP looks better than its energy peers from a momentum standpoint, and likes that the company was one of the first to cut capex in response to the collapse in energy prices and has done so aggressively.
- COP trades at just 1.5x book value vs. the energy sector average of 1.8x and the S&P 500's 2.8x; the stock boasts a 4.3% dividend yield, which Ruhl believes is safe.
- The fund manager's other four favorite value picks are ANTM, NOC, HPQ and KR.
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