Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Kudlow pointed to strong retail sales and low unemployment as signs that the U.S. economy remained strong.Marketsread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Coinbase security chief Philip Martin explains, "Possession of a key is possession of your currency. What that means is that you can't revoke a cryptocurrency key, if that key...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
The Supreme Court could strike down the constitutionality of the Consumer Financial Protection Bureau, an agency Elizabeth Warren has likened to her child and which Justice...2020 Electionsread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
Nobody spends money on arms like the United States.
The Trump administration's 2019 defense-friendly spending bill increased the Pentagon's spending power to a grand total of $717 billion.
And this week, America's top five defense firms – Lockheed Martin, Boeing, General Dynamics, Northrop Grumman and Raytheon – posted their fourth-quarter earnings.
After all the earnings were in, the benchmark iShares U.S. Aerospace and Defense ETF finished January up 12.3 percent – its best month since April 2009.
Here's how America's defense industry giants did.
Lockheed Martin reported quarterly earnings of $4.39 a share, just a cent shy of what Wall Street expected. The world's top weapons manufacturer reported strong fourth-quarter revenue of $14.4 billion. But Lockheed Martin said it expects 2019 earnings within a range of $19.15 a share to $19.45 a share, which was below analyst expectations of $19.57 a share.
The Pentagon's biggest weapons supplier snatched both of the military's new hypersonic missile contracts and continued delivery of its F-35 fighter jet, which is America's most expensive weapons system.
Boeing's earnings were a smash hit, crushing Wall Street estimates by 91 cents with an adjusted quarterly profit of $5.48 a share. The aerospace manufacturer's quarterly revenue was also solid, at $28.3 billion. Additionally, Boeing reported $101.1 billion in annual revenue, breaking the $100 billion mark for the first time.
Boeing's defense unit reported $6.1 billion in fourth-quarter revenue. The company said the 16 percent year-over-year increase was driven by a rise in volume across F/A-18 fighter jets, satellites and weapon programs.
As the world's second largest defense firm, Boeing bagged a significant number of Pentagon contracts last year. In September alone, Boeing was awarded more than 20 contracts with a cumulative value of $13.7 billion.
The aerospace giant scored $805 million for the Navy's MQ-25 aerial refueling drone, $9.2 billion for the Air Force's T-X Trainer, $2.4 billion for the UH-1N helicopter replacement and $3.9 billion for twin Air Force One aircraft.
Boeing also delivered the long-delayed KC-46 tanker to the Air Force last week. The two aircraft, derived from Boeing's commercial 767 frame, touched down at McConnell Air Force Base in Kansas on Friday after departing the company's Everett, Washington, facility.
General Dynamics results came in with no real surprises, as fourth-quarter earnings were $3.07 a share, above analyst estimates of $2.99 a share according to Refinitiv.
Known in part for America's stalwart M1 Abrams tank, General Dynamics saw a 4.9 percent year-over-year revenue increase in its combat systems unit to $6.2 billion.
In October, General Dynamics clinched a $26 million Pentagon contract to upgrade the U.S. military's M1A2 Abrams tanks. The M1 Abrams has been used in nearly every major U.S. conflict since its inception in 1980 and still serves as the main battle tank for the U.S. Army and Marine Corps.
Northrop Grumman reported fourth-quarter earnings of $4.93 a share, well above analyst expectations of $4.32 a share according to Refinitiv, while revenue was $8.16 billion. However, the company forecast 2019 earnings between $18.50 a share and $19 a share – well below Wall Street expectations of $19.49 a share.
Northrop's aerospace systems unit sales increased 6 percent year over year due to higher volume for manned aircraft and space programs. In 2018, the defense firm snagged a colossal $429 million U.S. Air Force contract for the delivery of two payloads and another $3.6 billion for aircraft countermeasure systems.
Raytheon, the world's largest missile manufacturer, saw fourth-quarter earnings of $2.93 a share, just above analyst estimates of $2.89 a share, according to Refinitiv.
Quarterly revenue was light, however, at $7.36 billion. Sales in Raytheon's key missile business missed expectations of $2.5 billion according to FactSet, reporting $2.3 billion in sales.
During the fourth quarter, Raytheon's missile systems unit was awarded $452 million for the AIM-9X Sidewinder short-range air-to-air missiles and $193 million for the Navy's Standard Missile-2 as well as another $563 million in classified contracts.