I picked up shares of Lockheed Martin (LMT) at $76 per share today. Lockheed has dropped from the mid 80′s after reporting a decline in profitability and amidst news that the US government cut funding for the F-22 fighter jet program. I think the nation’s largest defense contractor is very attractive at this level. It’s trading at just 10 times earnings and has a solid balance sheet.
I also bought Allegheny Technologies (ATI) at $28.40. Allegheny was down 18% after reporting negative earnings for Q2 and forecasting no earnings growth for Q3. This stock could drop to $26 in the short term but I like the upside potential when metal prices rebound and the aerospace industry recovers.
Thanks for the Lockheed post. I don’t know why it hasn’t, but it should have been picked up in Google’s Stock Screener as a lowest-quintile, high-yield P/E stock. I guess Stock Screener’s still buggy.
Best of luck with the stock, too.
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