Defense companies jump as Trump backs $750B defense budget request

|By:, SA News Editor

Defense companies are among the few winners in today's stock market slide, following reports that Pres. Trump has told Defense Secretary Mattis to submit a $750B budget proposal for FY 2020, in a reversal from his earlier pledge to trim defense spending.

The $750B figure emerged from a meeting last Tuesday at the White House among Trump, Mattis and the Republican chairmen of the House and Senate Armed Services committees, Politico reported over the weekend.

Trump had said in October that the defense figure for 2020 would be $700B, a ~5% cut in line with decreases planned for other agencies.

Top weapons makers are higher: AJRD +2.8%, LMT +2.2%, NOC +1.7%, RTN +1.7%, GD +1.5%, LLL +0.8%, OTCPK:BAESY +0.6%, HRS +0.3%.

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