Aerospace and defense stocks fell Wednesday, with several major players hitting multiyear lows after a Goldman Sachs analyst said the sector will slide over the next year as airlines cut back on orders for new planes.

A recent dip in shares of some defense companies presents a trading opportunity ahead of second-quarter results, an JPMorgan analyst said Tuesday.

The Air Force on Monday awarded a unit of General Dynamics Corp. a contract worth up to $3.1 billion for worldwide information technology maintenance and technical support.

A unit of General Dynamics Corp. was recently awarded a $13.9 million contract from the Army for projectile metal parts and casings, the Pentagon said late Monday.

A division of General Dynamics Corp. received a $20.8 million contract boost from the Navy to provide for additional man-hours on the DDG-51 Aegis destroyer, the Pentagon said late Tuesday.

Shares of aerospace and defense companies fell Wednesday as oil prices set new records and investors took a dim view of a factory orders report.

Shares of aerospace and defense companies wavered in early trading Wednesday as the broader market traded in a narrow range.

To give investors an edge, CNBC asked the market experts for their best trades going into the weekend. 

Diversified U.S. manufacturer Honeywell International said on Tuesday it won a $23 billion contract to supply engines for Brazilian aircraft maker Embraer's midsized business jets.

Jason Trennert expects a short-run rally -- but he's also warning investors that it won't last. The chief investment strategist of Strategas Research Partners calls it a "Michael Jordan head-fake." He compiled two lists of companies for investors to consider: the "Thrifty 50" versus the "Iffy 50."