Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company's Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems. Its Defense Systems segment designs, develops, integrates, and produces tactical weapons and missile defense solutions, and provides sustainment, modernization, and training services for manned and unmanned aircraft and electronics systems. It also offers integrated, all-domain command, and control battle management systems, precision strike weapons; high speed air-breathing and hypersonic systems; high-performance gun systems, ammunition, precision munitions and advanced fuzes; aircraft and mission systems logistics support, sustainment, operations and modernization; and warfighter training services. The company's Mission Systems segment offers command, control, communications and computers, intelligence, surveillance, and reconnaissance systems; radar, electro-optical/infrared and acoustic sensors; electronic warfare systems; advanced communications and network systems; cyber solutions; intelligence processing systems; navigation; and maritime power, propulsion, and payload launch systems. Its Space Systems segment offers satellites, spacecraft systems, subsystems, sensors, and payloads; ground systems; missile defense systems and interceptors; launch vehicles and related propulsion systems; and strategic missiles. Northrop Grumman Corporation was founded in 1939 and is based in Falls Church, Virginia.

Northrop Grumman Corporation

As rising geopolitical tensions across the globe drive up military budgets, defense companies like BAE Systems plc (BAESY) and Northrop Grumman (NOC) are seeing strong investor interest. Increased spending on advanced defense technologies, equipment modernization and national security priorities is likely to benefit these two major players in the industry.
BAESY provides advanced defense, aerospace and security solutions, known for products like the Eurofighter Typhoon aircraft, CV90 combat vehicles and Astute-class submarines. On the contrary, Northrop Grumman is a more diverse aerospace-defense contractor, with products spanning across space, aeronautics, defense and cyberspace. Some of its key offerings range from autonomous systems and missile defense to satellite technologies and cybersecurity solutions.
As countries upgrade their defense systems with modern technologies, both BAESY and NOC, being prominent defense contractors with decades of experience, are well-positioned to benefit from the rising demand.
Now, to determine which one of these stocks presents a stronger investment opportunity, let’s take a closer look.
Key Takeaways for BAESY
Recent Achievements: BAE Systems has recently made strong strides in the defense industry through notable contract wins, product development and capacity enhancement. It has recently been selected to upgrade two Gulfstream aircraft into advanced airborne electronic attack platforms for the Italian Air Force. In July 2025, BAE Systems also completed trials of its TRV-150 unmanned aerial system using APKWS laser-guided rockets, offering a low-cost and precise strike option against evolving threats.
In the same month, the company was selected by the Air Force Research Laboratory (AFRL) to develop AI-powered software for improving battlefield medical care for warfighters. In June, BAE Systems opened a major shipbuilding facility in Glasgow. The new site is designed to improve productivity and can support the construction of two Type 26 frigates simultaneously.
Financial Stability: The company ended 2024 with cash and cash equivalents (including marketable debt securities) of $4.59 billion, down from $5.31 billion at the end of 2023. However, as of Dec. 31, 2024, it had a long-term debt of $9.86 billion and a current debt of $0.89 billion. So, the company holds a strong solvency position, at least in the short term.
Challenges to Note: Like other industry players, BAE Systems has also been facing global supply-chain disruptions. The company continues to face challenges related to the availability of critical components and specialized parts. These shortages have the potential to delay production schedules and increase costs, particularly in its aerospace and defense manufacturing programs.
In addition to material constraints, BAE Systems is also dealing with labor shortages across key production and engineering roles. As demand for defense equipment grows, the need for skilled labor has increased. Labor-related constraints can impact manufacturing timelines, slow down program execution and raise operational costs for BAE Systems.
Key Takeaways for NOC
Recent Achievements: Northrop Grumman achieved several notable milestones recently. In July 2025, the company achieved a major milestone with the successful test of a second-stage motor for ascent propulsion from another planet. This enables future missions to launch samples from Mars into orbit for rendezvous with an orbiter.
In the same month, NOC signed a Memorandum of Understanding with Romania’s ROMARM to jointly offer a cutting-edge ground-based radar system to the Romanian Air Force, enhancing NATO interoperability.
Moreover, in June, Northrop Grumman and Hanwha Systems entered into an agreement to collaborate on modernizing air and missile defense capabilities, strengthening the former’s position in global defense innovation.
Financial Stability: The company ended the second quarter of 2025 with cash and cash equivalents of $1.90 billion, down from $4.35 billion at the end of 2024. However, as of June 29, 2025, it reported a long-term debt of $15.16 billion while its current debt was nil. This indicates a relatively strong solvency position for NOC, at least in the short term.
Challenges to Note: Like BAESY and other defense contractors, Northrop Grumman also faces labor challenges, including difficulty in retaining skilled workers in manufacturing and engineering roles. High attrition among early-career employees and an aging workforce could impact production timelines and overall efficiency.
Additionally, recent changes in trade policies and increased tariffs on imported materials by the U.S. government may lead to higher production costs and supply-chain disruptions. These factors could affect the company’s ability to deliver products on schedule and may impact future performance.
How do EPS Estimates Compare for BAESY & NOC?
The Zacks Consensus Estimate for BAESY’s 2025 earnings per share (EPS) is pegged at $4.02, which indicates year-over-year growth of 37.7%. The consensus estimate for 2025 revenues is pegged at $40.76 billion, which indicates year-over-year growth of 63.2%. The company’s 2025 and 2026 EPS estimates have moved north over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NOC’s 2025 EPS is pegged at $25.11, which indicates a year-over-year decline of 3.7%. The consensus estimate for 2025 revenues is pegged at $42.13 billion, which indicates year-over-year growth of 2.7%. The company’s near-term EPS estimates have moved south over the past 60 days.
Image Source: Zacks Investment Research
BAESY has outperformed NOC over the past year. Shares of BAESY gained 53.9% compared with shares of NOC, which gained 18.3%.
Image Source: Zacks Investment Research
NOC’s Valuation More Attractive Than BAESY
BAESY shares are expensive on a relative basis, with its forward 12-month Price/Earnings (P/E F12M) being 23.23X compared with NOC’s P/E F12M of 21.09X.
Image Source: Zacks Investment Research
Both BAE Systems and Northrop Grumman are strong defense companies with solid government ties and a wide range of products. However, BAE Systems appears to have the edge over NOC for now. Its earnings estimates have been rising and its stock has delivered better returns than Northrop Grumman over the past year.
Although NOC remains a reliable defense player offering better valuation and a stable financial base, BAE Systems looks more attractive for investors seeking growth and momentum.
Both BAESY and NOC currently hold a Zacks Rank #3 (Hold). You can see the full list of today’s Zacks Rank #1 (Strong Buy) stocks here.
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BAESY or NOC: Which Stock Stands Stronger in Today's Defense Boom?

General Dynamics Corporation GD reported second-quarter 2025 earnings per share (EPS) of $3.74, which beat the Zacks Consensus Estimate of $3.59 by 4.2%. The bottom line also increased 14.7% from $3.26 recorded in the year-ago quarter.
The year-over-year bottom-line appreciation can be attributed to revenue growth as well as an improvement in operating earnings.
Total Revenues of GD
Revenues of $13.04 billion beat the Zacks Consensus Estimate of $12.35 billion by 5.6%. The top line also improved 8.9% from the prior-year figure.
The year-over-year improvement can be attributed to increased revenues from all of GD’s business segments, except Combat Systems.
General Dynamics Corporation Price, Consensus and EPS Surprise
GD’s Segmental Performance
Aerospace: The segment reported revenues of $3.06 billion, up 4.1% year over year. Operating earnings of $403 million improved 26.3% year over year.
Marine Systems: This segment’s revenues surged 22.2% from the year-ago quarter’s level to $4.22 billion. Operating earnings of $291 million improved 18.8% year over year.
Technologies: Revenues from this segment improved 5.5% year over year to $3.48 billion. Operating earnings totaled $332 million, which improved 3.8% year over year.
Combat Systems: The segmental top line of $2.28 billion slipped 0.2% from the year-ago quarter’s level. Operating earnings improved 3.54% year over year to $324 million.
Operational Highlights of GD
Operating earnings totaled $1.31 billion, up 12.9% from the year-ago quarter’s $1.04 billion.
Operating costs and expenses increased 8.5% year over year to $11.74 billion.
Interest expenses increased 4.8% year over year to $88 million.
GD’s Backlog
General Dynamics recorded a total backlog of $103.68 billion, much higher than the first-quarter 2025 level of $88.66 billion. The funded backlog at the end of the quarter was $83.88 billion.
Our model projected a backlog of $88.28 billion for the second quarter.
Financial Condition of GD
As of June 29, 2025, cash and cash equivalents totaled $1.52 billion compared with $1.70 billion as of Dec. 31, 2024.
The long-term debt as of the same date was $7.51 billion, higher than the 2024-end debt level of $7.26 billion.
During the first six months of 2025, cash generated by operating activities totaled $1.45 billion compared with $0.54 billion in the year-ago period.
GD’s Zacks Rank
General Dynamics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Lockheed Martin Corporation LMT reported second-quarter 2025 adjusted earnings of $7.29 per share, which beat the Zacks Consensus Estimate of $6.49 by 12.3%. The bottom line increased 2.5% from the year-ago quarter's reported figure of $7.11.
Net sales were $18.16 billion, which missed the Zacks Consensus Estimate of $18.56 billion by 2.2%. The top line, however, inched up 0.2% from $18.12 billion in the year-ago quarter.
Northrop Grumman Corporation NOC reported second-quarter 2025 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.71 by 6%.
NOC’s total sales of $10.35 billion beat the Zacks Consensus Estimate of $10.06 billion by 2.9%. The top line also rose 1.3% from $10.22 billion reported in the year-ago quarter.
RTX Corporation’s RTX second-quarter 2025 adjusted earnings per share (EPS) of $1.56 beat the Zacks Consensus Estimate of $1.45 by 7.6%. The bottom line also improved 10.6% from the year-ago quarter’s level of $1.41, driven by growth in adjusted operating profit.
RTX’s second-quarter sales totaled $21.58 billion, which surpassed the Zacks Consensus Estimate of $20.53 billion by 5.1%. The top line also surged a solid 9.4% from $19.72 billion recorded for the second quarter of 2024.
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General Dynamics' Q2 Earnings & Revenues Beat Estimates, Improve Y/Y

In recent trading, shares of Northrop Grumman Corp (Symbol: NOC) have crossed above the average analyst 12-month target price of $398.91, changing hands for $400.42/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 11 different analyst targets within the Zacks coverage universe contributing to that average for Northrop Grumman Corp, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $331.00. And then on the other side of the spectrum one analyst has a target as high as $460.00. The standard deviation is $44.787.
But the whole reason to look at the average NOC price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with NOC crossing above that average target price of $398.91/share, investors in NOC have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $398.91 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Northrop Grumman Corp:
»
Current
1 Month Ago
2 Month Ago
3 Month Ago
Strong buy ratings:
6
7
7
7
Buy ratings:
0
0
0
0
Hold ratings:
4
3
3
1
Sell ratings:
0
0
0
0
Strong sell ratings:
1
1
1
1
Average rating:
2.09
1.91
1.91
1.67
The average rating presented in the last row of the above table above is from 1 to 5 where 1 is Strong Buy and 5 is Strong Sell. This article used data provided by Zacks Investment Research via Quandl.com. Get the latest Zacks research report on NOC — FREE.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NOC Crosses Above Average Analyst Target

Northrop Grumman Corp.’s (NOC) shares jumped 9.4% after reporting second-quarter 2025 adjusted earnings of $7.11 per share, surpassing the Zacks Consensus Estimate of $6.71 per share.
Shares of PACCAR Inc (PCAR) climbed 6.1% after the company reported second-quarter 2025 adjusted earnings of $1.37 per share, outpacing the Zacks Consensus Estimate of $1.28 per share.
Lockheed Martin Corp.’s (LMT) shares plunged 10.8% after posting second-quarter 2025 revenues of $18,155 million, missing the Zacks Consensus Estimate of $18,564.72 million.
Shares of Genuine Parts Co. (GPC) surged 7.6% after the company posted second-quarter 2025 adjusted earnings of $2.10 per share, beating the Zacks Consensus Estimate of $2.08 per share.
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Company News for Jul 23, 2025

The S&P 500 Index ($SPX) (SPY) Tuesday closed up +0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.40%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.50%. September E-mini S&P futures (ESU25) rose +0.01%, and September E-mini Nasdaq futures (NQU25) fell -0.52%.
Stock indexes settled mixed on Tuesday. On the positive side, D.R. Horton rallied more than +16% to lead home builders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman rose more than +9% after boosting its full-year adjusted EPS forecast. In addition, bond yields fell on Tuesday, supporting stocks after Treasury Secretary Bessent said, "He sees no reason for Fed Chair Powell to step down right now." The 10-year T-note yield fell -4 bp to a 1.5-week low of 4.34%.
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Positive trade comments from Treasury Secretary Bessent on Tuesday were supportive for stocks when he said, "trade is in a very good place with China," and he will meet his Chinese counterparts in Stockholm next week. He also said he believes the US "will likely extend" its trade truce with China past the August 12 deadline of the current truce.
Weighing on the Nasdaq 100 index Tuesday was weakness in semiconductor stocks. Also, Lockheed Martin dropped more than -10% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate. In addition, General Motors fell more than -7% after forecasting full-year EBIT below analysts' estimates.
Tuesday's US economic news was bearish for stocks after the July Richmond Fed manufacturing index unexpectedly fell -12 to an 11-month low of -20, weaker than expectations of an increase to -2.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets on Tuesday settled mixed. The Euro Stoxx 50 fell to a 2-week low and closed down -0.98%. China's Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan's Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) Tuesday closed up +7 ticks. The 10-year T-note yield fell -4.0 bp to 4.338%. T-notes recovered from overnight losses and climbed to a 2.5-week high, and the 10-year T-note yield fell to a 1.5-week low of 4.326% on comments from Treasury Secretary Bessent, who said "he sees no reason for Fed Chair Powell to step down right now." T-notes extended their gains after the July Richmond Fed manufacturing index unexpectedly fell to an 11-month low. T-notes also garnered carryover support Tuesday from a rally in 10-year German bunds to a 2-week high.
European government bond yields on Tuesday moved lower. The 10-year German bund yield fell to a 2-week low of 2.585% and finished down -2.3 bp to 2.590%. The 10-year UK gilt yield fell -3.4 bp to 4.569%.
The ECB's quarterly Bank Lending Survey stated that "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall."
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday's policy meeting.
US Stock Movers
Weakness in chip stocks was a negative factor for the overall market on Tuesday, with KLA Corp (KLAC) closing down more than -4% to lead losers in the Nasdaq 100. Also, Lam Research (LRCX), ARM Holdings Plc (ARM), Micron Technology (MU), and Broadcom (AVGO) closed down more than +3%. In addition, Nvidia (NVDA) closed down more than -2% to lead losers in the Dow Jones Industrials, and Analog Devices (ADI) and Applied Materials (AMAT) closed down more than -2%.
D.R. Horton (DHI) surged more than +16% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) closed up more than +11%, and Lennar (LEN) and Toll Brothers (TOL) closed up more than +8%.
IQVIA Holdings (IQV) closed up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) closed up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
Quest Diagnostics (DGX) closed up more than +7% after reporting Q2 adjusted EPS of $2.62, better than the consensus of $2.58, and raising its full-year adjusted EPS estimate to $9.63-$9.83 from a previous estimate of $9.55-$9.80.
Genuine Parts Co (GPC) closed up more than +7% after reporting Q2 net sales of $6.20 billion, better than the consensus of $6.11 billion.
PACCAR Inc. (PCAR) closed up more than +6% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
United Natural Foods (UNFI) closed up more than +3% after Northcoast Research upgraded the stock to buy from neutral with a price target of $36.
Lockheed Martin (LMT) closed down more than -10% to lead losers in the S&P 500 after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
General Motors (GM) closed down more than -8% after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
Equifax (EFX) closed down more than -8% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
Phillip Morris International (PM) closed down more than -8% after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Circle Internet Group (CRCL) closed down more than -8% after Compass Point Research & Trading LLC downgraded the stock to sell from neutral with a price target of $130.
MSCI Inc (MSCI) closed down more than -8% after reporting Q2 net new recurring subscription sales of $43.8 million, weaker than the consensus of $46.6 million.
Earnings Reports (7/23/2025)
Alphabet Inc (GOOGL), Amphenol Corp (APH), AT&T Inc (T), Boston Scientific Corp (BSX), Chipotle Mexican Grill Inc (CMG), CME Group Inc (CME), Crown Castle Inc (CCI), CSX Corp (CSX), Fiserv Inc (FI), Freeport-McMoRan Inc (FCX), GE Vernova Inc (GEV), General Dynamics Corp (GD), Globe Life Inc (GL), Hasbro Inc (HAS), Hilton Worldwide Holdings Inc (HLT), International Business Machine (IBM), Lamb Weston Holdings Inc (LW), Las Vegas Sands Corp (LVS), Lennox International Inc (LII), Molina Healthcare Inc (MOH), Moody's Corp (MCO), NextEra Energy Inc (NEE), Northern Trust Corp (NTRS), NVR Inc (NVR), O'Reilly Automotive Inc (ORLY), Otis Worldwide Corp (OTIS), Packaging Corp of America (PKG), Raymond James Financial Inc (RJF), Rollins Inc (ROL), ServiceNow Inc (NOW), TE Connectivity PLC (TEL), Teledyne Technologies Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), T-Mobile US Inc (TMUS), United Rentals Inc (URI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq Pressured by Chip Stocks, But Broad Market Supported by Lower T-note Yields

Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in lululemon athletica inc (Symbol: LULU), where a total of 22,354 contracts have traded so far, representing approximately 2.2 million underlying shares. That amounts to about 66.4% of LULU's average daily trading volume over the past month of 3.4 million shares. Especially high volume was seen for the $210 strike put option expiring August 15, 2025, with 1,366 contracts trading so far today, representing approximately 136,600 underlying shares of LULU. Below is a chart showing LULU's trailing twelve month trading history, with the $210 strike highlighted in orange:
Horton Inc (Symbol: DHI) options are showing a volume of 28,252 contracts thus far today. That number of contracts represents approximately 2.8 million underlying shares, working out to a sizeable 65.2% of DHI's average daily trading volume over the past month, of 4.3 million shares. Particularly high volume was seen for the $139 strike call option expiring July 25, 2025, with 2,093 contracts trading so far today, representing approximately 209,300 underlying shares of DHI. Below is a chart showing DHI's trailing twelve month trading history, with the $139 strike highlighted in orange:
And Northrop Grumman Corp (Symbol: NOC) options are showing a volume of 3,851 contracts thus far today. That number of contracts represents approximately 385,100 underlying shares, working out to a sizeable 53.8% of NOC's average daily trading volume over the past month, of 716,230 shares. Particularly high volume was seen for the $480 strike put option expiring August 15, 2025, with 385 contracts trading so far today, representing approximately 38,500 underlying shares of NOC. Below is a chart showing NOC's trailing twelve month trading history, with the $480 strike highlighted in orange:
For the various different available expirations for LULU options, DHI options, or NOC options, visit StockOptionsChannel.com.
Institutional Holders of MKTX
FLXS market cap history
ICF shares outstanding history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Tuesday Option Activity: LULU, DHI, NOC

Key Points
Northrop topped expectations even after stripping out one-time items, and raised its full-year guidance.
The company has a great long-term franchise, but investors should be careful chasing rallies in defense stocks.
Northrop Grumman (NYSE: NOC) posted better-than-expected quarterly results and raised full-year guidance. Investors were pleased, sending Northrop shares up 8% as of 1 p.m. ET.
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Strong sequential growth
Northrop Grumman is an aviation and space-focused defense contractor with roles on key programs that are Pentagon priorities. The company earned $8.15 per share in the most recent quarter on revenue of $10.4 billion, topping Wall Street's $6.84 per share on $10 billion consensus estimate.
The beat included a $1.04-per-share gain from the sale of a subsidiary, but even backing out that sale, Northrop's $7.11-per-share profit was better than expected. Revenue grew by 9% from the previous three months, topping the company's guidance back in April for mid-single-digit sales growth in the quarter.
Northrop posted a strong performance from all its units, with aeronautics the top performer in terms of margin.
Is Northrop Grumman stock a buy?
The beat came during a period of uncertainty for many defense stocks, as illustrated by rival Lockheed Martin's poor earnings showing. Northrop also raised its full-year earnings guidance by $0.05 per share on both the low and high end, now forecasting earnings of $25 to $25.40 per share in 2025.
Northrop Grumman is benefiting from having programs like the new bomber and the intercontinental ballistic missile replacement as priorities, no matter who is in charge in Washington. But the company did report a modest book-to-bill, saying it booked just $0.71 in new business in the quarter for every $1 it billed out.
This is a solid long-term hold, but investors should be cautious about jumping in now and chasing this post-earnings rally.
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Lou Whiteman has positions in Lockheed Martin. The Motley Fool recommends Lockheed Martin. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Northrop Grumman Stock Is Up Today

The S&P 500 Index ($SPX) (SPY) today is down -0.10%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.47%. September E-mini S&P futures (ESU25) are down -0.14%, and September E-mini Nasdaq futures (NQU25) are down -0.52%.
Stock indexes today are moving lower on some disappointing quarterly earnings results. NXP Semiconductors is down more than -2% to lead chip makers lower and weigh on the overall market after issuing a Q3 revenue forecast that missed some bullish analysts' estimates. Also, General Motors is down more than -7% after forecasting full-year EBIT below analysts' estimates. In addition, Lockheed Martin is down more than -5% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate.
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Today's US economic news was bearish for stocks after the July Richmond Fed manufacturing index unexpectedly fell -12 to an 11-month low of -20, weaker than expectations of an increase to -2.
On the positive side, D.R. Horton is up more than +12% to lead home builders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman is up more than +8% after boosting its full year adjusted EPS forecast. In addition, bond yields fell from overnight highs and moved lower after Treasury Secretary Bessent said, "He sees no reason for Fed Chair Powell to step down right now." The 10-year T-note yield is down -4 bp to a 1.5-week low of 4.34%
Positive trade comments today from Treasury Secretary Bessent were supportive for stocks when he said, "trade is in a very good place with China," and he will meet his Chinese counterparts in Stockholm next week. He also said he believes the US "will likely extend" its trade truce with China past the August 12 deadline of the current truce.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 fell to a 2-week low and is down -0.90%. China's Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan's Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +6 ticks. The 10-year T-note yield is down -4.1 bp to 4.337%. T-notes recovered from overnight losses and climbed to a 1.5-week high, and the 10-year T-note yield fell to a 1.5-week low of 4.336% on comments from Treasury Secretary Bessent, who said "he sees no reason for Fed Chair Powell to step down right now." T-notes extended their gains after the July Richmond Fed manufacturing index unexpectedly fell to an 11-month low. T-notes also garnered carryover support today from a rally in 10-year German bunds to a 2-week high.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 2-week low of 2.588% and is down -2.4 bp to 2.589%. The 10-year UK gilt yield is down -3.5 bp to 4.568%.
The ECB's quarterly Bank Lending Survey stated that "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall."
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday's policy meeting.
US Stock Movers
Weakness in chip stocks is a negative factor for stocks today, with NXP Semiconductors NV (NXPI) down more than -2% after forecasting Q3 revenue of $3.05 billion to $3.25 billion, below the whisper number of $3.30 billion. Also, ARM Holdings Plc (ARM) is down more than -4% to lead losers in the Nasdaq 100, and Micron Technology (MU) is down more than +3%. In addition, Advanced Micro Devices (AMD), Nvidia (NVDA), Applied Materials (AMAT), Broadcom (AVGO), Lam Research (LRCX), and KLA Corp (KLAC) are down more than -2%.
General Motors (GM) is down more than -7% to lead losers in the S&P 500 after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
Equifax (EFX) is down more than -7% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
Lockheed Martin (LMT) is down more than -6% after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
Phillip Morris International (PM) is down more than -6% after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Sherwin-Williams (SHW) is down more than -3% top lead losers in the Dow Jones Industrials after reporting Q2 adjusted EPS of $3.38, weaker than the consensus of $3.81, and cutting its full-year adjusted EPS estimate to $11.20-$11.50 from a previous estimate of $11.65-$12.05, below the consensus of $11.87.
RTX Corp (RTX) is down more than -2% after cutting its full-year adjusted EPS forecast to $5.80-$5.95 from a previous forecast of $6.00-$6.15, weaker than the consensus of $5.98.
D.R. Horton (DHI) is up more than +13% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) is up more than +8%, Lennar (LEN) is up more than +7%, and Toll Brothers (TOL) is up more than +6%.
IQVIA Holdings (IQV) is up more than +16% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) is up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
Quest Diagnostics (DGX) is up more than +5% after reporting Q2 adjusted EPS of $2.62, better than the consensus of $2,58, and raising its full-year adjusted EPS estimate to $9.63-$9.83 from a previous estimate of $9.55-$9.80.
PACCAR Inc. (PCAR) is up more than +3% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
Calix (CALX) is up more than +1% after reporting Q2 adjusted EPS of 33 cents, better than the consensus of 21 cents, and forecasting Q3 adjusted EPS of 31 cents-37 cents, stronger than the consensus of 23 cents.
Earnings Reports (7/22/2025)
Avery Dennison Corp (AVY), Baker Hughes Co (BKR), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), CoStar Group Inc (CSGP), Danaher Corp (DHR), DR Horton Inc (DHI), Enphase Energy Inc (ENPH), EQT Corp (EQT), Equifax Inc (EFX), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Interpublic Group of Cos Inc/The (IPG), Intuitive Surgical Inc (ISRG), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KeyCorp (KEY), Lockheed Martin Corp (LMT), MSCI Inc (MSCI), Northrop Grumman Corp (NOC), PACCAR Inc (PCAR), Pentair PLC (PNR), Philip Morris International In (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Sherwin-Williams Co/The (SHW), Synchrony Financial (SYF), Texas Instruments Inc (TXN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slip on Weakness in Chip Makers and Disappointing Earnings

The S&P 500 Index ($SPX) (SPY) today is down -0.14%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.36%. September E-mini S&P futures (ESU25) are down -0.17%, and September E-mini Nasdaq futures (NQU25) are down -0.37%.
Stock indexes today are moving lower on some disappointing quarterly earnings results. NXP Semiconductors is down more than -2% to lead chip makers lower and weigh on the overall market after issuing a Q3 revenue forecast that missed some bullish analysts’ estimates. Also, Lockheed Martin is down more than -7% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate. In addition, Sherwin-Williams is down more than -2% after reporting Q2 adjusted EPS below the consensus, and cutting its full-year adjusted EPS estimate.
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On the positive side, D.R. Horton is up more than +10% to lead homebuilders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman is up more than +9% after boosting its full-year adjusted EPS forecast. In addition, bond yields fell from overnight highs and were slightly lower after Treasury Secretary Bessent said, “He sees no reason for Fed Chair Powell to step down right now.” The 10-year T-note yield is down -1 bp to 4.36%
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 fell to a 2-week low and is down -0.64%. China’s Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan’s Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +2 ticks. The 10-year T-note yield is down -1.4 bp to 4.364%. T-notes recovered from overnight losses and moved higher as short covering emerged on comments from Treasury Secretary Bessent, who said “he sees no reason for Fed Chair Powell to step down right now.” T-notes were under pressure due to concerns that President Trump would try to fire Powell, which could send bond yields sharply higher as investors question the Fed’s independence. T-notes also garnered carryover support today from a rally in 10-year German bunds to a 2-week high.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 2-week low of 2.600% and is down -1.0 bp to 2.603%. The 10-year UK gilt yield is down -0.6 bp to 4.597%.
The ECB’s quarterly Bank Lending Survey stated that “Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall.”
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday’s policy meeting.
US Stock Movers
Weakness in chip stocks is a negative factor for stocks today, with NXP Semiconductors NV (NXPI) down more than -2% after forecasting Q3 revenue of $3.05 billion to $3.25 billion, below the whisper number of $3.30 billion. Also, ARM Holdings Plc (ARM) and Advanced Micro Devices (AMD) are down more than -4%, and Nvidia (NVDA), Broadcom (AVGO), Lam Research (LRCX), and Micron Technology (MU) are down more than +3%. In addition, Marvell Technology (MRVL), Applied Materials (AMAT), and KLA Corp (KLAC) are down more than -2%.
Phillip Morris International (PM) is down more than -7% to lead losers in the S&P 500 after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Lockheed Martin (LMT) is down more than -7% after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
Equifax (EFX) is down more than -7% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
General Motors (GM) is down more than -6% after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
RTX Corp (RTX) is down more than -3% after cutting its full-year adjusted EPS forecast to $5.80-$5.95 from a previous forecast of $6.00-$6.15, weaker than the consensus of $5.98.
Sherwin-Williams (SHW) is down more than -2% after reporting Q2 adjusted EPS of $3.38, weaker than the consensus of $3.81, and cutting its full-year adjusted EPS estimate to $11.20-$11.50 from a previous estimate of $11.65-$12.05, below the consensus of $11.87.
D.R. Horton (DHI) is up more than +10% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) is up more than +7%, Lennar (LEN) is up more than +6%, and Toll Brothers (TOL) is up more than +4%.
IQVIA Holdings (IQV) is up more than +14% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) is up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
PACCAR Inc. (PCAR) is up more than +4% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
CSX Corp (CSX) is up more than +2% after Semafor reported that BNSF is working with Goldman Sachs to explore a takeover of a rival.
Calix (CALX) is up more than +1% after reporting Q2 adjusted EPS of 33 cents, better than the consensus of 21 cents, and forecasting Q3 adjusted EPS of 31 cents-37 cents, stronger than the consensus of 23 cents.
Earnings Reports (7/22/2025)
Avery Dennison Corp (AVY), Baker Hughes Co (BKR), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), CoStar Group Inc (CSGP), Danaher Corp (DHR), DR Horton Inc (DHI), Enphase Energy Inc (ENPH), EQT Corp (EQT), Equifax Inc (EFX), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Interpublic Group of Cos Inc/The (IPG), Intuitive Surgical Inc (ISRG), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KeyCorp (KEY), Lockheed Martin Corp (LMT), MSCI Inc (MSCI), Northrop Grumman Corp (NOC), PACCAR Inc (PCAR), Pentair PLC (PNR), Philip Morris International In (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Sherwin-Williams Co/The (SHW), Synchrony Financial (SYF), Texas Instruments Inc (TXN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Pressured by Chip Stock Weakness

Tuesday, July 22, 2025
Pre-market futures are inching higher once again this morning. We are devoid major economic reports ahead of today’s open, but have plenty of quarterly earnings results, as you can see below. The Dow and the S&P 500 are both currently up +9 points, while the Nasdaq is +4 points. Bond yields continue to shrink away: +4.36% on the 10-year, +3.84% on the 2-year, and it look like we’ll once again stop talking about the 30-year bond yield, which is down to +4.94%.
Biggest Q2 Earnings Morning Thus Far
So many important companies reporting, so little time. Let’s spot-check a few key stocks and see how they’re trading in the pre-market:
General Motors GM posted modest beats on both top and bottom lines in its Q2 report this morning, with earnings of $2.53 per share outpacing expectations by +5.86% and revenues of $47.98 billion by +1.89%. The automaking giant also affirmed guidance, though North American earnings before inflation & taxes (EBIT) came in well below estimates; this is one American company to likely be most impacted by ongoing tariff policy. Shares are currently down -1.8%. For more on GM’s earnings, click here.
Two major defense stocks also are out with Q2 results ahead of today’s open: Lockheed Martin LMT and Northrop Grumman NOC. While Lockheed posted a very strong +12.33% positive earnings surprise to $7.29 per share, Northrop’s $7.11 per share surpassed estimates by +5.96%. Yet it was NOC which outperformed on the top line by +2.94%, while LMT’s $18.2 billion on the top line was beneath the Zacks consensus. Thus, LMT is selling off -7% in the pre-market, whereas NOC is up +3%.
Perhaps the best earnings report this morning came from wide-ranging homebuilder (from entry-level to luxury) D.R. Horton DHI in its fiscal Q3 results: earnings of $3.36 per share outpaced the Zacks consensus by +15.86%, with $9.23 billion in quarterly revenues which zoomed past expectations by +5.13%. Shares are currently +6% for the homebuilder, cutting into its significant -25% loss in share value over the past year. For more on DHI’s earnings, click here.
Coca-Cola KO was mixed in its Q2 report ahead of the opening bell, with earnings of 87 cents per share bettering the 83 cents analysts were expecting, though its revenues of $12.54 billion came up a tad short of estimates, by -0.44%. Shares are down modestly on the news, but still up +12% year to date. For more on KO’s earnings, click here.
Sherwin-Williams SHW, the popular American paints and coatings company, missed on its bottom line by -10.11% to $3.38 per share, while revenues of $6.31 billion in quarterly revenues came in slightly ahead of estimates, by +0.49%. Shares care down -4% on the news, dragging the shares into negative territory year to date. For more on SHW’s earnings, click here.
What to Expect from the Stock Market Today
After the market closes this afternoon, we’ll look for three more key earnings reports, from Texas Instruments TXN, Capital One COF and Intuitive Surgical ISRG, among others. While the Texas chipmaker expects double-digit growth on both top and bottom lines, the credit card issuer expects gains on both over +20%. The Zacks Rank #2 (Buy)-rated medical devices innovator looks for +8% earnings growth and +16.8% on revenues.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Northrop Grumman Corporation

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