Raytheon, the company that makes the Tomahawk missiles used in the air strikes on Syria by the United States, is rising in early stock trading Friday.
Investors seem to be betting President Trump’s decision to retaliate against Syria after the chemical attack on Syrian citizens earlier this week may mean the Pentagon will need more Tomahawks.
The Department of Defense asked for $2 billion over five years to buy 4,000 Tomahawks for the U.S. Navy in its fiscal 2017 budget last February.
Nearly five dozen Tomahawk cruise missiles were launched at military bases in Syria from U.S. warships in the Mediterranean Sea late Thursday.
Raytheon (RTN) wasn’t the only defense stock rising Friday either. Lockheed Martin (LMT), which partners with Raytheon on the Javelin missile launcher system and also makes Hellfire missiles, gained nearly 1%.
What Are Your Thoughts?
