Why Northrup Grumman Stock Sank This Week
Shares of Northrup Grumman (NYSE: NOC) fell 13.5% this week, one of its worst trading periods in years, according to data from S&P Global Market Intelligence. The usually steady defense contractor posted a strong earnings report this week but is facing concerns from Wall Street about long-term profitability, as well as fallout for broader defense stocks amid a stalemate in the Iran conflict.
Here's why Northrup Grumman stock was falling this week, and whether it belongs in your portfolio today.
Northrup Grumman's earnings came in as expected. Revenue was up 4% year over year to $9.9 billion, and the backlog grew to a record $96 billion at the end of the quarter.
Source Fool.com
