Harris Corp. (HRS), a maker of wireless equipment and other electronics for the military and private sector, rose 6.2% on Tuesday, the best performance of any stock in the S&P 500.
Harris posted strong fiscal second quarter earnings and raised its guidance. Its results were “bolstered by 26% tactical radio revenue growth, 13% order growth, and 15% year over year backlog growth,” wrote Raymond James analyst Brian Gesuale. “Management provided encouraging updates to several programs, is increasing internal R&D, prefunding the pension plan, and increasing its buyback (up $50 million to $200 million); all of which provide a healthy dose of confidence and visibility.”
MetLife (MET) stock fell 8.6% after the insurance company delayed its earnings results and announced that it expects to increase its reserves by $525-$575 million. It was the stock’s largest percentage decline since August 2016.
“In our view, this announcement likely further erodes investor confidence in the company,” wrote Morgan Stanley analyst Nigel Dally. “The persistent nature of charges at this company over several years has been an ongoing source of frustration, with this latest charge further eroding confidence.”
