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☆ Investing in Space: How bankers read a potential sale of rocket builder ULA
▼ + stars: | 2024-02-08 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +5 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. It's been widely reported over the last year that ULA parent companies Boeing and Lockheed Martin are considering offloading the rocket business. That's despite the successful debut of ULA's Vulcan rocket in early January, which I assumed would galvanize a sale. In the meantime, I've been curious to understand how ULA's sale is likely to play out. Boeing and Lockheed Martin are, and have been, looking to sell the rocket business for some time.

Persons: CNBC's Michael Sheetz, It's, Lockheed Martin, ULA, Tory Bruno, Jeff Bezos, hasn't, I've, it's Organizations: Boeing, Lockheed, Origin, Textron, SpaceX, U.S ., Glenn, Vulcan Locations: ULA

☆ Space investment rebounded in 2023 with heavy sector M&A, report says
▼ + stars: | 2024-01-16 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Investment in the space sector bounced back last year, rebounding closer to the record high of 2021, according to a report Tuesday by New York-based Space Capital. The firm's fourth-quarter report found that space infrastructure companies brought in $2.6 billion of private investment during the period. Top raises during the fourth quarter included funds announced by space companies Firefly Aerospace, Ursa Major, D-Orbit, Stoke Space and True Anomaly. The quarterly Space Capital report divides investment in the industry into three technology categories: infrastructure, distribution and application. Space infrastructure companies have been resilient through the recent downturn.

Persons: Chad Anderson, Anderson Organizations: Infrastructure, Space Capital, Firefly Aerospace, Ursa, Space, CNBC Locations: New York

☆ Cramer says to invest in defense companies as the U.S. looks to rebuild weapons stockpile
▼ + stars: | 2023-10-24 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer suggested that defense companies are worthwhile investments as the U.S. empties its arsenals to aid allies Israel and Ukraine. "Our country's paltry land war-making capacity makes us a weaker arsenal of democracy, and sooner or later, either the White House or Congress will change how our defense budget gets spent," Cramer said. "That makes the big defense contractors investible." He named several major defense contractors that are set to benefit from a Pentagon push, including Lockheed Martin , RTX , Boeing , Northrop Grumman and General Dynamics . In reality, the rest of the world's only gotten more chaotic, and our government can't do anything about it if we run out of munitions," Cramer said.

Persons: CNBC's Jim Cramer, Israel, Cramer, Greg Hayes, Lockheed Martin, Northrop Grumman Organizations: House, investible, Pentagon, Lockheed, Boeing, Northrop, General Dynamics, Systems Locations: U.S, Ukraine, RTX, Iraq, Afghanistan

Senator Elizabeth Warren (D-MA) speaks to supporters in Memphis, Tennessee, U.S. March 17, 2019. L3 Harris said on July 26 it was informed that the U.S. Federal Trade Commission would not block its $4.7 billion deal for Aerojet Rocketdyne. The letter was signed by Warren, chair of the Senate Armed Services Committee Subcommittee on Personnel, as well as U.S. The lawmakers also requested correspondence between the Pentagon and the companies regarding potential conditions, including how they would be enforced. Reporting by Diane Bartz; additional reporting by Mike Stone; editing by Timothy GardnerOur Standards: The Thomson Reuters Trust Principles.

Persons: Elizabeth Warren, Karen Pulfer Focht, Lloyd Austin, Harris, Warren, L3Harris, William LaPlante, Representatives John Garamendi, Mark Pocan, Diane Bartz, Mike Stone, Timothy Gardner Organizations: Democratic, U.S, REUTERS, Rights, Democrat, L3 Harris Technologies, U.S . Federal Trade Commission, Aerojet, Pentagon, Federal Trade Commission, Senate Armed Services, Representatives, Defense Department, Thomson Locations: Memphis , Tennessee, U.S, Austin

☆ Buy this defense technology stock as acquisitions add long-term value, Citi says
▼ + stars: | 2023-09-11 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Citi says L3Harris Technologies ' short-term growth headwinds are outweighed by expanding defense budgets. The bank resumed coverage of the defense technology stock on Monday with a buy rating and a $193 per share price target. L3Harris stock has slumped nearly 19% since the start of the year, after falling in three of the five years from 2018 through 2022. LHX YTD mountain L3Harris Technologies stock. "Execution is key at this point given elevated leverage after a recent string of acquisitions," Gursky said.

Persons: Jason Gursky, Rocketdyne, Gursky, — CNBC's Michael Bloom Organizations: Citi, L3Harris Technologies, U.S Locations: Ukraine

☆ The L3Harris-Aerojet Rocketdyne deal is a positive, but the stock doesn't agree with me: Jim Cramer
▼ + stars: | 2023-08-10 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

The L3Harris-Aerojet Rocketdyne deal is a positive, but the stock doesn't agree with me: Jim Cramer'Mad Money' host Jim Cramer takes a closer look at the L3Harris-Aerojet Rocketdyne deal and why the stock reacted negativley.

Persons: Jim Cramer

☆ Eyeing China in the Pacific, US studies explosives to make missiles fly further
▼ + stars: | 2023-08-02 | by ( Mike Stone | ) www.reuters.com time to read: +5 min

China views the U.S. in the Pacific as a threat, ramping up its own military presence in response. "Unfortunately, the Pentagon has grown complacent using 1940s-era energetics and neglected advanced energetics like CL-20 that are necessary to increasing the range and lethality of our force. In the last decade, when explosive weapons were used in populated areas, 90% of those reported killed or injured globally were civilians." The House version does not name any weapons, but Bob Kavetsky with the Energetics Technology Center said candidates for the new chemicals include the Lockheed Martin-made (LMT.N) long range anti-ship missiles and extended range air-to-surface missiles. Other candidates include Harpoon anti-ship missile made by Boeing (BA.N) and Javelin anti-tank weapons made by Lockheed and RTX (RTX.N).

Persons: U.S . Navy Arleigh, Burke, Curtis Wilbur, Read, Mike Gallagher, Kathleen Hicks, Tom Karako, Karako, Iain Overton, Bob Kavetsky, Lockheed Martin, Mike Stone, Chris Sanders Organizations: U.S . Navy, Pacific Vanguard, U.S . Naval, Pentagon, Reuters, Democrat, Republican, Navy, Energetics Technology Center, Northrop Grumman Corp, CL, L3Harris Technologies, Department of Defense, Army, Air Force, energetics, Center for Strategic, International Studies, Lockheed, Boeing, Thomson Locations: Australia, Japan, Republic of Korea, U.S, Philippine, WASHINGTON, Pacific, China, California, United States, Washington

NEW YORK, July 26 (Reuters) - Evercore (EVR.N) has hired veteran Morgan Stanley (MS.N) banker Seth Bergstein as a senior managing director to drive dealmaking in the global services sector, people familiar with the matter said on Wednesday. Bergstein, who served as head of Morgan Stanley's global services group for about two decades, held the title of vice chairman of investment banking prior to his departure from the bank. In June, Evercore hired veteran technology banker Tammy Kiely and top aerospace & defense banker Michael Tarulli from Goldman. Earlier this month, it recruited Neil Wolitzer, a partner in real estate investment banking at Goldman, according to people familiar with the matter. Morgan Stanley declined to comment.

Persons: Morgan Stanley, Seth Bergstein, Bergstein, Morgan, Goldman Sachs, Wall, Evercore, Tammy Kiely, Michael Tarulli, Neil Wolitzer, Paul Taubman, Brendan Panda, Panda, Aerojet, David Carnevali, Sonali Paul Organizations: YORK, Global, Goldman, PJT Partners, PJT, Thomson Locations: Dealogic, Goldman, Evercore, New York

☆ Stocks making the biggest moves after hours: Meta Platforms, Chipotle Mexican Grill, ServiceNow and more
▼ + stars: | 2023-07-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Check out the companies making headlines after the bell:Meta Platforms – Shares of Meta Platforms jumped nearly 6% on stronger-than-expected quarterly results. Chipotle reported adjusted earnings of $12.65 a share on $2.51 billion in revenue. The entertainment technology company reported adjusted earnings of 26 cents a share. Lam posted adjusted earnings of $5.98 per share, beating estimates by 91 cents per share, per Refinitiv. L3Harris reported adjusted earnings of $2.97 a share on $4.69 billion in revenue, and lifted earnings and revenue guidance.

Persons: Chipotle, Refinitiv, Lam, — ServiceNow, FactSet, Sunnova, Richard Dickson, L3Harris, Aerojet, Macheel, Sarah Min, Darla Mercado Organizations: Meta, Revenue, Lam, eBay, Energy, Technology, Mattel –, Mattel, Seagate Technology, Technologies, Federal Trade Commission, L3Harris Locations: FactSet, Refinitiv

☆ US Senator Warren, others warn against L3Harris plan to buy Aerojet
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

Senator Elizabeth Warren, a Democrat and frequent merger critic, joined three other lawmakers on Tuesday to urge the Defense Department to thoroughly review defense contractor L3Harris Technologies' (LHX.N) $4.7 billion deal for Aerojet Rocketdyne Holdings (AJRD.N). The letter was sent to Defense Secretary Lloyd Austin and William LaPlante, undersecretary of defense for acquisition and sustainment. In addition to Warren, the letter was signed by Representatives Chris Deluzio, John Garamendi and Mark Pocan. With the Ukraine war driving up demand for missiles and defense systems, Aerojet became an attractive takeover target. Aerojet develops and manufactures liquid and solid rocket propulsion and hypersonic engines for space, defense, civil and commercial applications.

Persons: Elizabeth Warren, Warren, Lockheed Martin, Lloyd Austin, William LaPlante, Chris Deluzio, John Garamendi, Mark Pocan, Aerojet, Diane Bartz, David Gregorio Our Organizations: Defense Department, L3Harris Technologies, Aerojet Rocketdyne Holdings, The Defense Department, Raytheon, Boeing, Defense, L3 Technologies, Harris Corp, United, National Aeronautics and Space Administration, NASA, Thomson Locations: Ukraine, United States

NEW YORK, July 7 (Reuters) - Private equity firms Blackstone Inc (BX.N) and Veritas Capital Fund Management LLC are competing against large defense companies to acquire the aerospace business of Ball Corp (BALL.N), according to people familiar with the matter. The unit, which accounted for 13% of Ball's consolidated net sales in 2022, provides aerospace and national defense hardware, such as sensors and antennas. In June, Ball said it was considering options for its aerospace unit, after Reuters reported on the sale process. Blackstone owns Arka Group, an aerospace and defense technologies firm whose clients include the U.S. military, while Veritas owns companies including CAES Space Systems, which is a supplier of advanced electronic systems for aerospace and defense. Ball could incur a hefty tax bill of over $1 billion if the aerospace unit is sold for $5 billion or more, according to analysts at Jefferies.

Persons: Ball, Blackstone, David Carnevali, Mike Stone, Daniel Wallis Organizations: YORK, Blackstone Inc, Veritas Capital Fund Management, Ball Corp, BAE Systems, General Dynamics Corp, Textron Inc, Reuters, Blackstone, Veritas, Arka Group, U.S ., CAES, Systems, Bae Systems, Textron, General Dynamics, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Jefferies, Thomson Locations: New York, Washington

☆ Circor sticks with sale to KKR despite higher Arcline bid
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

Circor, an industrial machinery maker, said KKR had sweetened its all-cash deal from $49 to $51 per share in the wake of a rival bid of $52.65 per share in cash from an unidentified party. One of Fairbanks' subsidiaries is Hunt Valve, which competes with Circor in providing valve systems to the Navy. Arcline and KKR declined to comment. Circor said it rejected the higher offer because it concluded there was a risk of a protracted review by antitrust regulators that would jeopardize the deal. Circor shares ended at $51.49 on Tuesday, above the $51 per share deal clinched with KKR, indicating that some investors believed an even better deal was possible.

Persons: snubbing, Circor, Arcline, Gardner, Rand Inc's, Aishwarya Nair, David Carnevali, Vinay Dwivedi, Saumyadeb Chakrabarty, Leslie Adler Organizations: KKR, Co Inc, Arcline Investment Management, Fairbanks Morse Defense, U.S . Navy, Fairbanks, Hunt Valve, Circor, Navy, Representatives, Gardner Denver, Ingersoll, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Thomson Locations: Arcline, U.S, Bengaluru, New York

☆ Exclusive: Lockheed raises concerns over L3Harris-Aerojet deal
▼ + stars: | 2023-06-20 | by ( Valerie Insinna | ) www.reuters.com time to read: +2 min

PARIS, June 20 (Reuters) - Lockheed Martin (LMT.N) has raised concerns with the U.S. Defense Department and Federal Trade Commission (FTC) about L3Harris's (LHX.N) acquisition of Aerojet Rocketdyne (AJRD.N), Lockheed's chief operating officer said on Tuesday. Frank St John told Reuters that Lockheed, Aerojet's biggest customer, wanted L3Harris to ensure access to rocket motors, fair pricing and IP protections, adding it had received "little response" from L3Harris over its concerns. If L3Harris continues to be unresponsive, Lockheed wants the Defense Department or FTC to put in place a mechanism to guarantee access to technology, St John said. L3Harris, Aerojet Rocketdyne, the FTC and Defense Department did not immediately respond to emailed requests for comment. Lockheed had previously attempted to buy Aerojet in a $4.4 billion deal, but walked away from the acquisition in February 2022 after the FTC sued to block the deal, citing concerns that Lockheed could hinder competitors' fair access to Aerojet products.

Persons: Lockheed Martin, Aerojet, Frank St John, L3Harris, we've, St John, Aerojet Rocketdyne, Lockheed's, Greg Hayes, Chris Calio, Valerie Insinna, Mark Potter Organizations: Lockheed, U.S . Defense Department, Federal Trade Commission, Reuters, Paris, Defense Department, FTC, Aerojet, Thomson Locations: L3Harris, Ukraine

☆ Activist investor Elliott Management bets on this small-cap music stock, ditches News Corp
▼ + stars: | 2023-05-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Activist investor Elliott Management unveiled a new stake in a little-known independent music stock during the first quarter, according to recent securities filings. As the energy sector slumped, Singer maintained his $1.49 billion stake in Marathon Petroleum , and positions in Noble Corporation and Suncor Energy . Elliott also liquidated its nearly $47.5 million stake in Aerojet Rocketdyne . On the technology front, Singer maintained his $761.2 million stake in Pinterest , and smaller positions in PayPal and Western Digital . Recent filings show that Elliott, among the largest hedge funds in the world, managed roughly $93.2 billion regulatory assets.

☆ This Bernstein stock-picking model beats the market by 6% a year. Here are its top picks today
▼ + stars: | 2023-03-29 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Instead of relying on fundamental research or quantitative analyses alone to identify stocks that will outperform, Bernstein combines both models. The Wall Street firm used its Bernstein and Autonomous sell-side analysts' recommendations as a proxy for the fundamental stock picker. His $200 target price suggests nearly 26% upside from Tuesday's close. According to his $265 price target, the stock could rally 38% from Tuesday's close. Rosenblum's price target of $54 implies 10.4% upside from Tuesday's close.

☆ Spooked dealmakers scurry back into their foxholes
▼ + stars: | 2023-03-23 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +8 min

NEW YORK, March 23 (Reuters Breakingviews) - Jonathan Kanter, a lawyer by training, has become something of a magician. Pay closer attention, however, and Kanter is methodically rewriting a decades-old regulatory playbook. Last year, these breakup charges reached their highest level in a decade, at an average 4.5% of deal prices. The Department of Agriculture partnered with the DOJ on the case, another feature of Kanter’s plan of attack. As legal weaknesses emerge, dealmakers should be in position to better structure transactions and defend themselves at trial.

☆ NASA delays Boeing Starliner's debut crewed voyage
▼ + stars: | 2023-03-23 | by ( Joey Roulette | ) www.reuters.com time to read: +6 min

Starliner's debut crewed mission, which will carry commander Butch Wilmore and pilot Suni Williams, to the International Space Station will be a crucial moment for Boeing's space unit. The delay comes as Boeing and NASA performed extra testing on several areas of the spacecraft. "Boeing has conducted more than a dozen Starliner battery thermal runaway tests, stressing the battery cells beyond their intended limit. Federal procurement data shows NASA has agreed to pay Boeing at least $24.8 million for the upgrade of that system. NASA and Boeing's aim to have the valves redesigned for future missions initiated a dispute with Boeing's propulsion system supplier.

☆ Biden wants $886 billion defense budget with eyes on Ukraine and future wars
▼ + stars: | 2023-03-13 | by ( Mike Stone | ) www.reuters.com time to read: +4 min

The total amount of the 2024 budget proposal is $28 billion more than last year's $858 billion. Congress has passed an annual defense budget for more than 60 years. Biden's budget request also speeds the Department of Defense's pace for buying the stealthy F-35 fighter jet to 83. The 2023 budget request asked for 61 F-35 jets made by Lockheed Martin and Congress increased that number to 77. The budget would benefit the biggest U.S. defense contractors including Lockheed, Raytheon, Northrop Grumman Corp (NOC.N) and General Dynamics Corp (GD.N).

☆ Aerospace and defense stocks took flight in 2022. What analysts expect for the sector in 2023
▼ + stars: | 2023-01-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Aerospace and defense stocks took off in 2022, outperforming the S & P 500 as a selloff trend pummeled growth and technology names. Through 2022, the aerospace and defense sub-industry within the S & P 500 rose 15.5%, while the broader index tumbled 19.4%. Here are some of the best-performing aerospace and defense stocks of 2022 and what the outlook looks like in the new year. The top-performing defense stock in the fourth quarter was Boeing , with shares up more than 57%. Raytheon Technologies rose more than 17% in 2022, and analysts are optimistic about the stock in 2023.

☆ Investing in Space: A year to forget for space stocks
▼ + stars: | 2022-12-29 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. For most anyone with money in the market, 2022 was a year to forget – and space stocks were no exception. Remember, these space SPAC names all came to market at about $10 a share. Morgan Stanley in a note to clients recently highlighted those deals as evidence that "space companies [are] on Santa's List," and I suspect M&A won't be slowing down in 2023. A programming note: Investing in Space will be taking the next week off for holiday travel.

"It's a knife edge between whether we're going to teeter into a recession or have a soft landing. said Brown who also noted that moves may be exaggerated as many investors take vacation around the end-of-year holidays. Declining issues outnumbered advancing ones on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 2.63-to-1 ratio favored decliners. The S&P 500 posted 5 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 66 new highs and 456 new lows. On U.S. exchanges 11.07 billion shares changed hands, compared with the 11.59 billion average for the last 20 trading days.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. "When people adjust their expectations after the Fed meeting, higher rates typically imply more compressed multiples for growth stocks." Further, hawkish messages delivered by three Fed officials including New York Fed President John Williams last week underscored the U.S. central bank's determination to do what it takes to ease price pressures. Still, money market participants are pricing in 61% chance of a 25 basis points rate hike in February to 4.5%-4.75%, with a terminal rate of 4.84% in May 2023. The S&P index recorded five new 52-week highs and 15 new lows, while the Nasdaq recorded 42 new highs and 335 new lows.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. However, money market participants still place a 73.5% chance of a 25 basis points rate hike in February to 4.5%-4.75%, with a terminal rate of 4.84% in May 2023. ET, Dow e-minis were up 14 points, or 0.04%, S&P 500 e-minis were up 4.5 points, or 0.12%, and Nasdaq 100 e-minis were up 23 points, or 0.2%. Moderna Inc (MRNA.O) advanced 2.7% after Jefferies upgraded the biotechnology firm's stock to "buy" from "hold", citing cancer therapy opportunities. Reporting by Shubham Batra and Johann M Cherian in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Defense Contractor L3Harris Plans to Buy Aerojet Rocketdyne for $4.7 Billion
▼ + stars: | 2022-12-19 | by ( Doug Cameron | ) www.wsj.com time to read: 1 min

A deal is expected to face intense regulatory scrutiny at a time when Aerojet has also wrestled with production problems. Defense firm L3Harris Technologies Inc. on Sunday said it agreed to buy Aerojet Rocketdyne Holdings Inc. in a $4.7 billion deal that would cement L3Harris’s role as one of six prime defense contractors for the Pentagon. Aerojet is a major maker of engines used in missiles, such as the Javelin deployed in Ukraine. Its products also help power National Aeronautics and Space Administration rockets and U.S. military hypersonic systems designed to deter China’s military expansion.

☆ Defense firm L3Harris to buy Aerojet for $4.7 billion with eye on missile demand
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

Dec 18 (Reuters) - U.S. defense contractor L3Harris Technologies Inc (LHX.N) said on Sunday it would buy Aerojet Rocketdyne Holdings Inc (AJRD.N) for $4.7 billion in an all-cash transaction, as it looks to tap into rising demand for missiles amid the Ukraine conflict. Reporting by Nathan Gomes and Kanjyik Ghosh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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