Diamonds and Dogs
Lockheed Martin (LMT) flying higher. The world's largest defense stock is up 8% following better than expected earnings. The company easily beat estimates as sales rose 3.5% to $16.58 billion. Lockheed Martin has a backlog of $140 billion in future orders and dominant positions in Pentagon priority areas, including hypersonic missiles. The board authorized the purchase of up to an additional $14.0 billion of Lockheed Martin common stock under its share repurchase program with a $4.0 billion accelerated share repurchase program in the fourth quarter. The company has reduced its share count by 17% over the past decade.
Hasbro (HAS) is down 2% after missing earnings estimates as revenue fell in the third quarter. AS it turns out, Hasbro's popular games and toy brands of Monopoly, Play-Doh and Transformers are price sensitive as consumers bulk at the higher prices.
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