Defense stocks rise after U.S. kills Iranian general in Iraq
AeroVironment Inc. advanced 6.9%. The Simi Valley company makes small, short-range reconnaissance drones that U.S. soldiers use. The increase in troop deployment to the Middle East could mean more business for AeroVironment, said Ken Herbert, managing director with investment banking and financial services firm Canaccord Genuity.
Close-proximity surveillance is “spot-on the kind of mission that AeroVironment’s drones are very well suited for,” Herbert said. “There’s a lot of people connecting the dots” that the Iran situation could boost sales. Shares of Lockheed Martin Corp., which makes the F-35 fighter jet, climbed 3.6%. Missile and radar technologies maker Raytheon Co.'s stock rose 1.5%.
Of the major U.S. defense companies, only Boeing Co. saw a decline. Its shares slipped 0.2%. The company is still reeling from the grounding of its 737 Max airplanes after two fatal crashes. The Federal Aviation Administration has not yet cleared the planes to return to the skies. Last month Boeing announced it would pause production of the 737 Max and
. The entire 737 Max debacle is the “most important factor right now for sentiment around Boeing,” Herbert said.
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