Shares of U.S. manufacturers and transportation companies rose as the U.S. economy showed signs of resilience, with first-quarter GDP growth revised higher, while investors rotated away from tech names.
The Pentagon awarded Lockheed Martin a contract worth up to $35 billion to make hundreds of Thaad interceptors a year to replenish U.S. stockpiles drawn down by the war with Iran.
Winnebago downshifted its revenue and earnings forecast for the year, saying the towable RV market is stalling out. The motorhome maker is now guiding for $2.65 billion to 2.75 billion in annual revenue, down from its March estimate for $2.8 billion to $3 billion. Adjusted earnings are on pace to hit $1.65 to $2 a share, it said, instead of $2.10 to $2.80 a share as previously projected.
Volkswagen agreed to sell a majority stake in its heavy-engine division, a step in its campaign to reorder an unwieldy automotive empire that is coming under mounting pressure from China.
U.K. budget airline easyJet said it would give U.S. investment firm Castlelake access to limited commercial data to obtain a higher takeover offer, after rejecting a sweetened bid of roughly $6.5 billion.
