Navy Jet Loss Stings Northrop Grumman
Northrop Grumman shares sank nearly 4% on Wednesday after the Navy selected its rival to build its sixth-generation fighter jet, a contract worth more than $20 billion.
Boeing's more than $20 billion Navy jet contract is a boost for its long-struggling defense business, while the decision was a setback for Northrop Grumman. Northrop Grumman shares fell nearly 4% Wednesday after the Navy chose Boeing to build its sixth-generation jet.