Yahoo Finance is tracking Lockheed Martin, Boeing, National Oilwell Varco and Blackstone in intraday trading on Monday.
Lockheed Martin (LMT), Boeing (BA) – Defense contractors are in focus following a $110 billion U.S.-Saudi arms deal over the weekend. Lockheed Martin played a major role in the deal. The agreement with Saudi Arabia is for about $28 billion worth of Lockheed Martin integrated air and missile defense, combat ships, tactical aircraft and rotary wing technologies and programs. Lockheed Martin Chairman and CEO Marillyn Hewson said in a statement, “At Lockheed Martin, we are proud to be part of this historic announcement that will strengthen the relationship between the United States and the Kingdom of Saudi Arabia. We are especially proud of how our broad portfolio of advanced global security products and technologies will enhance national security in Saudi Arabia, strengthen the cause of peace in the region, and provide the foundation for job creation and economic prosperity in the U.S. and in the Kingdom.” Boeing also signed deals with Saudi Arabia over the weekend, including an agreement between the jet maker and SaudiGulf Airlines to negotiate the sale of up to 16 wide-body airplanes.
Blackstone (BX) – The Public Investment Fund (PIF) of Saudi Arabia has agreed to commit $20 billion to Blackstone’s new infrastructure fund, which will invest in the enhancement of US infrastructure assets. Blackstone plans to raise another $20 billion from other investors and expects to have more than $100 billion in purchasing power for its targeted projects. Blackstone Chief Executive Officer Steve Schwarzman attended the Saudi-U.S. CEO Forum in Riyadh over the weekend.
National Oilwell Varco (NOV) – One of the major energy deals reached during President Trump’s weekend visit to Saudi Arabia was a signed a memorandum between National Oilwell Varco and Saudi Aramco to build rigs and drilling equipment, and offer ‘certain aftermarket services’ in the kingdom. The two companies announced that the proposed joint venture will also establish a center to teach Saudi technicians how to maintain and operate the equipment.
For more on Monday’s big stock movers and the latest on President Trump’s overseas trip, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.