The Clap Aerospace & defense technology companies Northrop (NYSE: NOC) & Raytheon (NYSE: RTX) have won contracts to continue developing missiles to intercept hypersonic weapons.
Backstory Back in November 2021, three companies including Northrop, Raytheon, & Lockheed Martin (NYSE: LMT) for the same program.
The Deets Now, only Northrop & Raytheon will continue developing missiles to intercept hypersonic weapons. That’s weapons firing at five times the speed of sound.
Why this matters Lockheed Martin, the company that’s been eliminated from the contracts this time around, is the #1 U.S. defense contractor. However, it can still protest the decision & could re-enter the program.