"While stock markets in Asia are breathing a sigh of relief after North and South Korea’s leaders shared a friendly handshake and vowed to work toward wiping away nuclear weapons from the Korean Peninsula Friday, once high-flying defense stocks are taking the hit.... The U.S.’s five largest defense contractors shed about $10.2 billion in value on Friday alone. Lockheed Martin fell 2.5% to a valuation of about $92.1 billion; Northrop Grumman slid 3.4% to $56 billion; General Dynamics shed 3.8% to $60.7 billion; Raytheon dropped 3.6% to $50.8 billion; and finally, Boeing slid a much lesser 1% to $200.2 billion. The drop off comes even though quarterly earnings posted in recent days by General Dynamics, Lockheed Martin, and Northrup Grumman beat analyst expectations. The losses comes after North and South Korean leaders met Friday, agreeing to work toward removing nuclear weapons from the peninsula, and negotiate with the U.S. to officially declare peace and put an official end to the Korean War."
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Sources
Lucinda Shen, Here’s Who Isn’t Winning From Denuclearization Talks and Friendlier North Korea-South Korea Relations,, Fortune, (27 April 2018)
https://en.wikiquote.org/wiki/South_Korea
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South Korea
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