Saturday, 24 June, 2017

Historic highs for defense stocks across the board: $110B deal

UPDATE 1-Boeing Co signs defense, commercial deals with Saudi Arabia (BA) Boeing signs defense, commercial deals with Saudi Arabia
Jeannie Matthews | 23 May, 2017, 01:59

President Donald Trump and Saudi Arabian King Salman bin Abdulaziz Al Saud witnessed the signing of the MoU between executives of Raytheon and Saudi Arabia Military Industries Company at a ceremony held Saturday.

Boeing Company (NYSE:BA) up $185.07 early trading day, with news of their investments of Chinook Helicopters and P-8 Surveillance aircraft, as well as U.S. Aerospace & Defense ETF, iShares Trust (NYSE: ITA) which is up to $156.10 during market day opening.

Lockheed Martin garnered a substantial portion of the massive deal.

Boeing also will establish a joint venture with Saudi Arabia to provide "sustainment services for a wide range of military platforms", the statement said, including non-Boeing supplied equipment. The joint venture will provide support for both military and commercial helicopters.

Top Trump aide won't say if Western Wall is part of Israel
The clash erupted over preparations for President Trump's visit to the Kotel, which Netanyahu had asked to join. But even before Trump sets foot in the Holy Land, he appears to have been tripped-up by his advance team.

Lockheed Martin has secured a major contract with the Kingdom of Saudi Arabia. Saudi Arabia is seeking closer defense and commercial ties with the United States under Trump, as it seeks to develop its economy beyond oil. The program supports work for more than 450 U.S.jobs including in CT at Sikorsky and throughout the U.

The weapons systems include the THAAD ballistic missile defense system, the anti-aircraft missile Patriot, 150 utility Blackhawk helicopters, and other systems and logistical support.

The full value of all the deals or the number of aircraft that the kingdom intends to purchase was not released in the prepared statement that announced the deals.

"These announcements reaffirm our commitment to the economic growth, prosperity and national security of both Saudi Arabia and the United States, helping to create or sustain thousands of jobs in our two countries", said Boeing Chairman, President and CEO Dennis Muilenburg, who also participated in the Saudi-U.S. CEO Forum. We welcome the opportunity to continue that support.

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