Why General Dynamics Stock Slumped 4% Today
Point, counterpoint. One day after Lockheed Martin wowed Wall Street with its report of rising Q2 sales and earnings, General Dynamics (NYSE: GD), one of its biggest rivals in the defense sector, underwhelmed investors Wednesday.
Analysts had forecast General Dynamics would earn $3.27 per share on $11.4 billion in second-quarter sales. In fact, General Dynamics beat on sales, reporting revenue of $12 billion. Profits, however, came in just short of expectations at $3.26 per share.
And granted, that's a tiny miss, but investors sure seem upset about it. As of 1 p.m. ET, General Dynamics stock was down 4%.
Source Fool.com
