By: Carter Copeland 

We sensed a growing desire among the fast money crowd to play LMT reversion vs. RTN/NOC into the quarter, which we think was behind much of the +HSD% move since early April (outperforming NOC & RTN). At first glance it would’ve seemed like LMT delivered exactly what this crowd was looking for but with shares opening flat and now down ~3% we find ourselves wondering if there’s something in this price action that suggests the typical defense playbook may not apply this quarter the way it has over the last several years.

LMT Report Here