In the fall of 2004, an aerospace analyst who no longer works on Wall Street opined that U.S. defense stocks were peaking and, citing impending pressure on Pentagon spending, suggested that his clients consider selling. Investors who heeded that advice must be kicking themselves. Lockheed Martin Corp.'s stock has risen more than 80% since then, while General Dynamics Corp. is up 60% and Raytheon Co. nearly 50%. Even Northrop Grumman Corp., which lost several big-ticket competitions in ...
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