Diamonds and Dogs
United Parcel Service (UPS) gearing up for the holidays. The stock is up 6% back to the highs for the year as the company easily beat earnings estimates as sales rose 9.2% to $23.18 billion. UPS is on track for record profits for the full year while delivering a billion vaccines doses worldwide. UPS is raising their shipping rates while also cherry-picking more profitable customers as they move away from Amazon.
Aerospace taking a hit today. Raytheon (RTX) is down 3%, JetBlue (JBLU) is down a percent, Boeing (BA) is down 2%, but Lockheed (LMT) is the dog down 12% as sales declined in all four of their main business segments. Space revenues fell 5% while missile and fire control revenue declined by 6%. On the plus side, operating profits grew in all four segments. Going forward, Lockheed management poured salt into their wound when it warned of further sales decelerations are ahead.
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