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- 1 Land Systems recently landed a $712 Million contract from the United States military.
- 2 GD stock traded at $212.06, a minor 0.01% decline since its previous close.
The global defense sector has one of the biggest markets across the globe, generating $474 Billion in 2021. General Dynamics (NYSE: GD), an aerospace and defense company, maintained its value in yesterday’s market. GD stock traded at $212.06, a minor 0.01% decline since its previous close.
General Dynamics Landed a $700 Million Plus Contract
Other aerospace and defense stocks also gained with Northrop Grumman Corp (NYSE: NOC) rising by 0.094%, Lockheed Martin Corp (NYSE: LMT) by 0.77% and Boeing Co (NYSE: BA) rising by 1.87%. General Dynamics subsidiary, Land Systems, recently landed a $712 Million contract from the United States military, Zacks Investment Research reported.
According to the deal, the company will provide 300 Stryker DVHA1 combat vehicles to the U.S. Army. The military vehicle belongs to the company’s Stryker family. Since its inception, these vehicles have undergone several upgrades. In 2018, the Army announced the inclusion of sensors to meet Maneuver-Short-Range Air Defense (M-SHORAD) requirements.
Several nations are expected to increase their defense spendings as there is a surge in demand for combat vehicles. With newer generation tech enhancing the performance and capabilities of these vehicles, countries are expected to invest more in military vehicles in the near future. The U.S. accounted for 39% of the global military expenditure last year.
GD Stock Price Performance
GD stock fell throughout the week per the chart. The chart shows three elliot waves highlighting a recent correction in share price. GD shares lost almost 20% value since the year’s beginning before heading toward a path of recovery. Currently, the price is holding support at $210 and resistance around $220.
Chop zone shows a weak trend, highlighting a potential decline in GD stock. Aroon down is at 92.86%, above aroon down, supporting a downtrend. Additionally, Woodies CCI was rising but has remained below the zero line, suggesting an increase if the price crosses above in coming days.
Rapidly evolving advanced technology including artificial intelligence (AI) and Internet of Things (IoT) are leading to increased investment in the defense sector. IoT will be used in a myriad of military sensors to deliver real time data to the personnel, providing them an upper hand in the battlefield. AI on the other hand, might take more time to play a central role in defence as the fears of advanced AI based systems turning against friendly soldiers or becoming an enemy of military device operators has not been addressed completely.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
