Fast Money

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Fast Money

No. 3 - Top Gun

Earnings news from the nation's largest defense contractors pushed the industry's already soaring shares even higher, Tuesday. Fighter jets and missile defense systems sparked the biggest one-day move in 4 years for Lockheed Martin (LMT). Northrop Grumman (NOC) also came out with results above forecasts. Will defense stocks continue to be top guns for your portfolio?

CNBC’s Jane Wells joins the guys for this conversation. Here are excerpts from what was said.

Defense Sector Outlook

Jane calls defense "the bomb." She says defense beat The Street, raised guidance and they anticipate strength through the end of the year.

She adds one weak player in the sector is Ceradyne (CRDN) who reported Tuesday that orders are falling off. (In case you're wondering, they make body armor for troops.)

Guy Adami says defense will likely be flat in ’08 and then probably up again in ’09. He recommends taking profits in LMT. He adds Boeing (BA) is the stock to watch.

Eric Bolling says if Beoing doesn’t do well Tuesday get out of Honeywell (HON). Conversely, if Boeing performs well, Eric recommends adding to your position in Honeywell.

Jane Wells says General Dynamics (GD) is another name The Street is watching closely. In closing she says it’s important to remember that when the defense budget goes up – these stocks usually go up, too.

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Trader disclosure: On July 24th 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (JWN) Bolling Owns (BP), (T), (XOM), Gold, Silver, Copper, Platinum