Northrop up on huge buyback

Investor's Business Daily

The military and aerospace components and systems maker announced a massive stock buyback, sending its shares and others in the group to all-time highs. Northrop Grumman (NOC) will buy back $4 bil of its stock. With an earlier-announced buyback, the company will have bought $5 bil, a quarter of its 235 mil outstanding shares, by '15. Northrop will use cash and possibly debt to finance the purchases. Northrop shares rose 4% to 82.19. Lockheed Martin (LMT) rose 2.3% to 106.41, General Dynamics (GD) rose 2.8% to 78.29 and Raytheon (RTN) rose 1.9% to 66.89.

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