Multi-purpose missile planned for fighter jets

Alliant Techsystems of Minneapolis, Lockheed Martin Corp. of Bethesda, Md., and Los Angeles-based Northrop Grumman Corp. said the new missile will be able to both shoot down planes in the air or strike targets on the ground, a dual role that would free planes from having to carry two different types of missiles at once.

That would benefit fighters like the F-35 and the F-22, two new stealth planes, giving pilots more freedom to switch missions depending on the battle conditions that arise on the ground or in air.

The Air Force is currently flying the F-22 and the Navy, Marines, Air Force and several foreign governments plan to use the F-35 to replace aging fleets of F-16s and other fighters in the next few years. Lockheed is the lead contractor on both planes. The three companies said the missile could also be used by unmanned planes that are being flown more frequently in combat.

In morning trading, shares of Alliant fell 19 cents to $98.13, Lockheed shares shed 39 cents to $101.25, and Northrop stock added 69 cents to $66.22.