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Raytheon Technologies (NYSE:RTX) +0.7% post-market Thursday after beating Lockheed Martin (LMT) and Boeing (BA) for a $985M contract award from the U.S. Department of Defense contract to design, develop and produce the new Hypersonic Attack Cruise Missile.
The HACM, which will use air-breathing propulsion to reach 5x the speed of sound, will be the U.S. Air Force’s second hypersonic missile after Lockheed’s ARRW, which is boosted into the atmosphere and then glides to its target.
Air Force officials have indicated the HACM might be used on both fighters and bombers, with one official saying a B-52 bomber potentially could carry as many as 20, according to Bloomberg.
Raytheon (RTX) offers “high-quality dividends at a fantastic price,” Leo Nelissen writes in a bullish analysis published recently on Seeking Alpha.
