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Why SAIC Stock Is Down Today

TheMotleyFool

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Why SAIC Stock Is Down Today: https://g.foolcdn.com/editorial/images/832036/capitol-washington-defense-getty.jpg

Science Applications International (NASDAQ: SAIC) beat Wall Street earnings expectations, but bookings were short of expectations. Investors are worried about the outlook, sending SAIC shares down 7% as of noon ET.

Image source: Getty Images.

SAIC is a defense contractor focused on providing IT and other services to military, intelligence, and civil government customers. The company earned $3.63 per share in its fiscal second quarter ending Aug. 1, topping Wall Street's $2.24-per-share estimate, but about $1.10 per share of that beat was due to one-time items, including lower tax expenses and legal benefits.

Source Fool.com