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BAE sees contracts over $5 bil

The European defense contractor is positioning itself to compete with rival Lockheed Martin (LMT), saying it expects to capture more than half of the $10 bil market to upgrade F-16 jets over the next 10 years. As military budgets tighten, BAE Systems says its "cost effective" approach to repairs could persuade more contracts, according to Reuters. Lockheed shares rose 0.9% to 161.81.