OPEN - Hot Stocks: Defense stocks rise; CARG KAR surge; FL OPEN drop on earnings news
Stocks finished higher again on Friday, extending Thursday's late rally amid hope that the conflict in Ukraine will remain limited. Given the focus on military action, defense contractors had a robust session, with Raytheon Technologies (NYSE:RTX), General Dynamics (NYSE:GD) and Lockheed Martin (NYSE:LMT) all posting notable gains and rising to fresh 52-week highs. Online car shopping was also in focus on Friday. CarGurus (NASDAQ:CARG) and KAR Auction Services (NYSE:KAR) both staged substantial rallies and recorded new peaks. Elsewhere, shares of Foot Locker (NYSE:FL) fell off a cliff after the company's quarterly update included a weak forecast. Meanwhile, earnings news also sparked a massive slide in Opendoor Technologies (NASDAQ:OPEN). Sector In Focus Defense names saw strength on Friday amid continued conflict in Ukraine. Russia's invasion of its western neighbor, and the U.S. pledge to defend its NATO allies, led to speculation that higher defense spending will be necessary in a world
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Hot Stocks: Defense stocks rise; CARG, KAR surge; FL, OPEN drop on earnings news