Diamonds and Dogs
Lockheed Martin (LMT) flying higher following earnings. Lockheed is up 5% to a seven month high thanks to strong F-35 fighter jets. The F-35 program deliveries jumped to 26 from 14 a year ago. Aeronautics revenue jumped 27% to $5.58 billion on higher net sales while the missiles and fire control revenue soared 40% to $2.35 billion while rotary and mission systems revenue rose 17% to $3.76 billion. Space system sales rose 13% to $2.64 billion. A good quarter for Lockheed.
Profit-taking in Procter & Gamble (PG). The world's no.1 maker of personal care goods is down 3% following better than expected earnings. P&G said its core operating margin declined by 60 basis points due by foreign exchange fluctuations and soaring commodity and transportation costs. With the stock up 45% in the last year, it looks like investors are just taking profits after a big run.