GD - Why General Dynamics Stock Is Losing Ground Today
2024-04-24 15:00:00 ET
General Dynamics (NYSE: GD) has been among the best-performing defense stocks so far this year, but the company stubbed its toe this earnings season. Shares traded down nearly 6% as of 12:30 p.m. ET on Wednesday following a bottom-line miss.
General Dynamics stock came into earnings season up about 13% for the year, well above the break-even performance of most defense suppliers . The company's combination of business jet and defense assets seemed poised for above-average earnings in 2024, making it a top pick among investors.
But the company's Gulfstream unit didn't get its new G700 business jet certified by year's end, as hoped, and the delay took a toll on earnings.
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Why General Dynamics Stock Is Losing Ground Today