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Trump signs massive $110 billion deal with Saudi Arabia that focuses on defense
(Trump and Saudi Arabia's King Salman attend the Arab Islamic American Summit in RiyadhJonathan Ernst/Reuters)
Shares of defense contractors are popping on Monday after President Donald Trump signed a $110 billion investment deal with Saudi Arabia over the weekend.
The deal, according to the Washington Post, is targeted to "support Saudi Arabia’s defense needs" and include the sales of missile defense systems, ships, airborne security systems, and cybersecurity capabilities.
Additionally, Saudi Arabia signed individual multi-billion deals with US companies including Boeing and Blackstone.
The deals are seen as attempts by the Saudi government to win over Trump after the president was critical of the country during his campaign.
In a speech on Sunday in Saudi Arabia, Trump praised the massive investments.
"This landmark agreement includes the announcement of a $110 billion Saudi-funded defense purchase – and we will be sure to help our Saudi friends to get a good deal from our great American defense companies," Trump said. "This agreement will help the Saudi military to take a greater role in security operations."
Following the news from the weekend, the major US defense contractors are getting a bump. Here's a rundown of the various stock moves as of 9:00 a.m. ET:
Lockheed Martin: $281.20, +8.41 (+3.08%)
Raytheon: $165.91, +5.63 (+3.51%)
Boeing: $184.10, +$3.34 (+1.85%)
Northrop Grumman: $253.79, +$3.91 (+1.56%)
Blackstone, the real estate-focused private equity giant, signed an infrastructure investment deal with the Saudis and and was also up 6.6% as of 9:43 a.m. ET,
Trump continues his first international trip on Monday in Israel.
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