Cooler-Than-Expected Inflation Data Boosts Stocks

The stock market closed higher on Wednesday after a lower-than-expected inflation report in April.

Overall, S&P 500 rose 0.5% to 4,138, while NASDAQ grew 1.0% to 12,306.


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Chart of the Day

Our chart of the day is the ten-year chart of Lockheed Martin (LMT) as of April 26, 2023, when the stock was at. $462.

Lockheed Martin is one of the largest defense contractors in the world. It now operates four business segments, namely: Aeronautics; Missiles and Fire Control; Rotary and Mission Systems; and Space.

The highlight of Lockheed Martin’s last quarter results was a solid 16% gain in Space revenue. The company reported Space revenue of $2,959 million last quarter, $400 million (16%) more than a year ago. Of total, $185 million was attributed to higher sales for strategic and missile defense programs and $170 million in higher sales for national security space programs. Also, $55 million was for commercial civil space programs.

In the earnings call, management stated threats about China and the Russian invasions of Ukraine are driving the national Defense strategy, including the purchase of 83 F-35 fighters, expansion of classified programs, and an increase in requested weapons and ammunition.

LMT is part of the Conservative Growth Portfolio.

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