Shares of defense giant Raytheon have surged as the debate over a military response to Syria's use of chemical weapons has raged around the world.
The Waltham-based manufacturer of the Tomahawk cruise missiles, expected to be used in any strike on Syria, saw its stock hit a 52-week high last week at $77.93 per share, and has stayed near that high, closing yesterday at $75.41. The stock hit its peak Aug. 23, the day news broke of the chemical attack by the government of Syrian President Bashar Assad.
Secretary of State John F. Kerry said yesterday that attack killed 1,429 people, including at least 426 children, a figure much higher than previously reported.
"You buy when you think there's going to be war," said Christine Armstong, a senior vice president at Morgan Stanley. "Companies involved in war tend to do really well" before military intervention.
Still, the mixed messages sent by global leaders have had an effect on Raytheon stocks, as well. Shares closed down 0.36 percent yesterday, but rose in after-hours trading after President Obama called for a "limited and narrow" response to the chemical weapons attack without sending in troops.
The Tomahawk cruise missiles, which cost roughly $1 million each, are seen as the weapon of choice for a surgical strike because the missiles can stay in one area for hours and be programmed to attack a new target while in the air, among other capabilities.
The missiles played a key role in the 2011 conflict in Libya, and last June Raytheon received a $338 million contract from the Navy to replace the weapons used during the conflict.
Raytheon stock is far above its 52-week low of $52.24 per share, and has been rising steadily since the spring.
The company reported a total net sales increase of $110 million in the second quarter ending June 30 over the same period a year ago and $32 million of that gain came directly from higher production of its Tomahawk cruise missiles.
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