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Eгор Энгельгардт 16:45:32 31/03/1999
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А не предназначались ли выпущенные ракеты к списанию?, отправлено
Игорь 15:06:47 31/03/1999
Любопытная динамика котировок акций производителей оружия: Локхид (Ф-117) снижается, а Рэйтеон (Томагавк) и Боинг (ф-15 и авиационные крылатые ракеты) растут. Fog of War Settles In for Weapons Stockholders By Tim Smart Washington Post Staff Writer Tuesday, March 30, 1999; Page E01 Since the 1991 Persian Gulf War, Americans have come to expect instant gratification from military action, both on the battlefield and in their stock portfolios. Shares of the nation's biggest defense contractors typically have rallied whenever cruise missiles and F-16 fighter jets took to the skies in televised battles. Soon after bombs began falling in Iraq, Bosnia and now Yugoslavia, the stock prices of Boeing Co., Raytheon Co. and General Dynamics Corp. of Falls Church moved up. Last week, General Dynamics led the defense gainers, posting a 2.73 percent rise in its stock price Wednesday, the day of the initial bombing raids. It was followed by Raytheon, up 1.8 percent for the day; Lockheed Martin Corp. of Bethesda, up 0.97 percent; Boeing, up 0.55 percent; and Northrop Grumman Corp., up 0.2 percent. But the run-up was short-lived, with most defense stocks backing off later in the week. Only Raytheon and General Dynamics have held on to their gains: Raytheon closed at $57.37 1/2, unchanged, while General Dynamics closed up $2 at $64.75, yesterday as the Dow ended the day above 10,000. Some Wall Street observers believe this fickle mood for defense stocks might reflect that the action in Kosovo will not be the quick military fix that Americans in recent years have become conditioned to expect. "The initial run-up has sort of faded," said Peter Aseritis, defense and aerospace analyst at Credit Suisse First Boston. "The market is looking at this as perhaps more open-ended and difficult." Boeing is well represented in the current attack, with its F-15 fighter and air-launched cruise missile. Raytheon's Tomahawk missile has become the weapon of choice in Pentagon aerial assaults. General Dynamics, primarily a supplier of submarines to the Navy and tanks to the Army, has not had a major role in the current campaign. Indeed, the White House yesterday had to deny plans to send ground forces into action, despite reports of massive killing of ethnic Albanians in and around Kosovo. "The Serbs have fought over Kosovo for 600 years," Aseritis added. "What difference does six more days or six more years make?" The market also may be sending cautionary signals after the downing Saturday night of an F-117A Nighthawk stealth fighter by Yugoslavia. The fighter, built by Lockheed, is designed to offer little "signature" to enemy radar, but the downed plane may have been hit by one of the Serbs' Russian-built surface-to-air missiles or by machine-gun fire. Similarly, although cruise missiles made by both Raytheon and Boeing have proved successful against fixed targets inside Iraq and now Yugoslavia, it remains to be seen whether high-tech weaponry alone can dislodge intransigent leaders such as Iraq's Saddam Hussein and Yugoslav President Slobodan Milosevic. The stock prices of big defense firms may also be responding to other forces, such as a restructuring at Raytheon that has garnered the enthusiasm of Wall Street. General Dynamics stock has been affected more by its bid for Newport News Shipbuilding Inc. than by the military campaign. And Lockheed must grapple with much-publicized problems in its theater-wide antimissile weapon. The ground-based interceptor failed to hit its target for the sixth consecutive time Sunday. Consequently, Lockheed may have to pay the government $15 million in penalties, which will cut its quarterly earnings. Some analysts say the long-term benefit to investors will come not from a victory on the battlefield but from a change in attitude by Washington politicians. Defense companies must persuade Congress to approve higher defense budgets. "You have to have a sea change, something that makes it look like we are going to spend more on defense than we are already assuming," said Paul Nisbet, an analyst with JSA Research Inc. in Newport, R.I. "I think the major holders of these stocks are looking for long-term value. I don't think any events that would be likely to come out of this war would have much effect on these stocks," Nisbet added. The paltry performance of major defense stocks relative to the overall market weighs heavily on the industry's top executives, as many receive a large portion of their compensation in the form of stock options and grants. Last year was no exception. A prospectus released last week showed that Lockheed chairman and chief executive Vance D. Coffman received a grant of 220,000 options at a price of $52 a share well above the recent trading range of about $38 a share. That came on top of Coffman's 1998 salary and bonus of $2,343,750, a 17 percent raise from the $1,999,744 he was paid in 1997. He became chairman in 1998. President and Chief Operating Officer Peter B. Teets was paid $1,431,250 in salary and bonus in 1998, an increase of 12 percent from $1,280,231 in 1997. General Dynamics Chairman and Chief Executive Nicholas D. Chabraja received options covering $166,000 shares, at an exercise price of $43.22. The stock has traded recently at about $60 a share or better. Chabraja also received a salary and bonus of $2.1 million, an increase of 35 percent over the $1.55 million he was paid in 1997. A Mixed Reaction Share prices of Lockheed Martin, Boeing, Raytheon, General Dynamics and Northrop Grumman all rose after the bombing of Yugoslavia was announced but two stocks have retreated since then. Percent change Lockheed Martin Tues.-Wed. 1.0% Tues.-yesterday -0.5% Boeing Tues.-Wed. 0.6% Tues.-yesterday 1.8% Raytheon (Class A) Tues.-Wed. 1.8% Tues.-yesterday 3.6% General Dynamics Tues.-Wed. 2.7% Tues.-yesterday 4.9% Northrop Grumman Tues.-Wed. 0.2% Tues.-yesterday -1.4% SOURCE: Bloomberg News
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