Raytheon (RTN) NewsBite - Raytheon Gets $85M Contract

Friday, September 05, 2008 1:16 PM EDT

Raytheon (NYSE: RTN) opened at $58.34. So far today, the stock has hit a low of $58.00 and a high of $60.56. RTN is now trading at $60.10, up $1.60 (2.74%). The stock hit its 52-Week high of $67.49 in February and set its 52-Week low of $54.50 in July. Raytheon announced today it received an $85.3 million contract from the Army to produce Excalibur precision artillery projectiles for the Army, Marine Corps and the Australian Defence Forces. Technical indicators for the stock are bullish and S&P gives RTN a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on RTN the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 57.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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