Word: grummans
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LEVKOVICH: I'll hit a couple of them. Long term, dividends are important. I think defense is another long-term theme. A Northrop Grumman is going to pop up as a beneficiary. But if I look at very specific ones, one of the very few areas where you can talk about pent-up demand is travel. Corporate travel, leisure travel have been put off by two wars, recession, a bubble bursting, SARS. The only thing that hasn't hit this industry is pestilence. There are very few new rooms coming on the market, so you have an industry that...
...Still, even accounting for decades of compounded interest and (at least for a while) a booming stock market, $140 million is "very generous," says Doug Jensen, an executive-compensation consultant at Hay Group in Norwalk, Conn. Consider: it's equal to the entire second-quarter pension expense for Northrop Grumman, a company with 120,000 employees...
...Force system designed to defeat SAMs is an updated version of the AN/AAQ-24 (V) Nemesis, which protects both big transports (apparently including Air Force One) and military helicopters. Built by the Northrop Grumman Corp., it is known as the Large Aircraft Infrared Countermeasures - LAIRCM - system, and will eventually be carried in all 943 cargo planes and tankers operated by the U.S. Air Force. Under current plans, the first C-17 will be outfitted with the system in 2004. Civilians may have to wait a little longer...
...crew. The pilot simply is informed that a threat missile was detected and jammed. "Inexpensive, yet lethal, surface-to-air missiles have proliferated around the globe and unfortunately are in the hands of our potential adversaries," says Arnold Welch, vice president for Infrared Countermeasures Programs at Northrop Grumman's Defensive Systems Division in Rolling Meadows, Illinois. "It is essential that our military pilots and air crews have this sophisticated type of protection in order to perform their missions and return safely...
...industry that always gets a lift from war is the defense sector, and weapons contractors such as Raytheon and Northrop Grumman were among the few bright spots on Wall Street last week, with the sector shooting up a collective 37%. But investors may be assuming a bit too much. While the defense budget is now expected to rise from $316 billion this year to as much as $400 billion next year, the higher figure will still represent less than 4% of GDP--as compared with the 38% the U.S. spent...