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Car sales are off a cliff, financials are drowning in red ink, and retailers are facing the worst holiday-shopping season in recent memory. So what isn't a disaster? Howard Rubel of Jefferies & Co. points investors toward defense companies.
"The ground forces need to be re-equipped and reset; shipbuilding is a laggard and needs to be bolstered," he told CNBC. He expects substantial defense spending to continue under the administration of Barack Obama.
Recommendations:
His first stock pick is General Dynamics [GD
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"They're the leading producer of ground vehicles for the Army," he explained.
General Dynamics is also a major candidate for the badly-needed shipbuilding projects, as are Lockheed Martin [LMT
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"Missile defense is probably the hardest call, and the one that's least likely to go forward, the way it's been constructed," he said.
Disclosures:
General Dynamics and Lockheed Martin are investment banking clients of Rubel's firm, which also makes a market in shares of the two companies.
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