Harris Corp will purchase Exelis Inc in a deal valued at about $4.75 billion, combining two big suppliers to the U.S. military at a time when the government is squeezing spending on defense.Shares of Exelis soared as much as 37.4 percent to a record $24.34 on Friday, topping the $23.75 per share cash-and-stock offer from Harris.Harris shares jumped as much as 12.7 percent to a record $78.30.U.S. defense contractors, including Lockheed Martin Corp and General Dynamics Corp, have cut costs and increased their international exposure as the Pentagon tries to reduce spending by $1 trillion over a decade.
General Dynamics Corporation is an aerospace and defense company. Shares of GD traded higher by 0.36% or $0.5/share to $139.19. In the past year, the shares have traded as low as $101.51 and as high as $146.13. On average, 1797950 shares of GD exchange hands on a given day and today's volume is recorded at 1083643.
Lockheed Martin Corporation is a global security and aerospace company, which is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. Shares of LMT traded higher by 0.59% or $1.14/share to $195.20. In the past year, the shares have traded as low as $151.06 and as high as $198.88. On average, 1277800 shares of LMT exchange hands on a given day and today's volume is recorded at 865166.
Exelis Inc. (Exelis) is a diversified, top-tier global aerospace, defense and information solutions company. Shares of XLS traded higher by 36.25% or $6.42/share to $24.13. In the past year, the shares have traded as low as $14.86 and as high as $20.02. On average, 1058250 shares of XLS exchange hands on a given day and today's volume is recorded at 49255648.
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