Conglomerates Sector Review: Defense Discussion, Solar and Wind Plead with Congress
Raytheon Company (NYSE:RTN): Defense Secretary Leon Panetta discussed the Pentagon’s FY13 budget request yesterday, and indicated that the administration would like all three types of Lockheed Martin’s (NYSE:LMT) Joint Strike Fighter to continue to be funded, according to Defense News. However, the Pentagon is looking to “curtail” Raytheon’s (NYSE:RTN) Joint Land Attack Cruise Missile Defense Elevated Netted Sensor System the publication said. Meanwhile, the department also wants to invest in new air-to-air missiles, new radars for tactical aircraft and ships, more electronic warfare and communications capabilities, the publication reported.
The shares closed at $48.64, down $1.25, or 2.51%, on the day. Its market capitalization is $16.83 billion.
General Electric Company (NYSE:GE): Solar and wind companies are asking Congress to extend federal subsidies for their firms, but lawmakers don’t seem too enthusiastic about granting the requests, according to The New York Times.
The shares closed at $19.03, down $0.04, or 0.21%, on the day. Its market capitalization is $200.91 billion.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.