Defense Stock Rises After Hamas Attack

By George Banko

October 9, 2023

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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll stock futures dropped on Monday as a threat of an all-out war in the Middle East added more concerns in addition to inflation and geopolitical risk facing markets. Islamist militant group Hamas launched a large-scale attack on Isreal on Saturday, prompting a declaration of war in response.

While geopolitical risk doesn’t tend to linger long in markets, there are potential impacts that could come through in the weeks ahead.

To see how we’re adjusting to this latest development, click here to check out The War Room.

Here’s a look at the top-moving stocks this morning.

Lockheed Martin (NYSE: PXD)

Lockheed Martin is up 4.88% premarket following Hamas’s surprise attack in Israel. The company also raised its quarterly dividend by 5%, and also approved the purchase of $6 billion worth of common stock under its share repurchase program.

Mirati Therapeutics (Nasdaq: MRTX)

Mirati Therapeutics is down 4.60% premarket after Bristol Myers agreed to buy the cancer treatment company for $5.8 billion. The latest move compounds on a series of acquisitions in the oncology sector. Mirati’s most valuable asset is its recently approved drug for lung cancer treatment, Krazati. The drug should provide an immediate cash bush to Bristol Myers’ oncology division.