Aerospace and defense company shares on Monday fell as Goldman Sachs analyst upgraded aerospace sector and downgraded defense cautiously as spending expected to peak next year.
Its expects low and sentiment is weak to upgrade aerospace industries as stock drop 50 percent and downgraded defense sector on high spending demand has peaked on a lower priority than it used to be.
Recently, President Barack Obama proposed $663.8 billion for the fiscal 2010 budget to the Department of Defense from $513.3 billion in 2009 to support overseas operations particularly in Iraq and Afghanistan.
Shares of Raytheon Co and Northrop Grumman Corp fell $.94 cents to 2.04% at $45.13, $.39 cents to 0.81% at $47.70, respectively to Neutral from Buy and convicted to sell from price target of $40.
However Shares of Boeing Co rose $1.37 or 3.19% at $44.37 on analyst upgrades to Neutral from Sell and Goodrich Corp rose $2.55 to 5.89% at $45.86 remains strong to buy.
Among other broader market AAR Corp also rose to $.40 or 2.76% at $14.88; Lockheed Martin Corp rose 0.78% at $80.55 and Rockwell Collins Inc rose 4.92% at $40.10 in the regular trading Monday.