The Pentagon recently awarded contracts to Northrop Grumman (NOC) and L3Harris Technologies (LHX) to construct early-warning satellites to detect ballistic missiles and hypersonic weapons.
A total of $121 million went to L3Harris, and a total of $155 million went to Northrop to create prototypes by July 2023. It is necessary for satellites under the HBTSS index to be small to detect hypersonic missile warheads and full-range ballistic missiles. This includes operational-tactical missiles like the Iskander missile and the Raytheon Deep Strike.
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The US military places great value on the new satellite since it will be responsible for monitoring launches and directing interceptors to the target. In general, the HBTSS will be part of a network of orbital observatories covering the entire Earth’s surface. SpaceX and L3Harris handle the other parts of the network, which includes four satellites of different types.
Northrop’s previous solid rocket booster business is becoming increasingly profitable in addition to this important project. Northrop announced Monday, January 25, 2021, to successfully test the extended length GEM 63XL engine for the Vulcan Centaur rocket, which is expected to launch later that year.
An analysis of the stock’s support and resistance levels has shown that Northrop Grumman Corporation (NYSE: NOC) shares are currently trading -11.61% below their 90-day high. In contrast, the stock is +1.32% away from its low in the three months. More broadly, NOC’s current price stands -25.56% below its 52-week high. At $8.85, the price is 8.85% above its 52-week low.
Compared to that, LHX has a year-to-date performance of -9.26%, with last week’s performance of just -6.69%. The stock’s price index is -7.93% down over one month and 6.32% down over three months. The stock’s performance over the last six months has been -0.99%, a drop of -23.69% over its 52-week period.