Air Force Ousts Head of Its Troubled $131 Billion ICBM Program [BNN Bloomberg (Canada)]
Northrop Grumman Corporation (NOC)
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Source: BNN Bloomberg
The Air Force said the ouster “is not directly related” to an ongoing congressionally mandated review of the ICBM program's fast-rising cost. But the move is likely to add to congressional skepticism about management of the effort to replace aged Minuteman III missiles as the land-based leg of the nation's nuclear triad. Colonel Charles Clegg was removed Monday as director of the Sentinel Systems project “because he did not follow organizational procedures,” the Air Force said in a statement without elaborating. Clegg, who was named to the post in 2022, had no comment about his removal, according to Ann Stefanek, an Air Force spokesperson. In its report on the Defense Department's fiscal 2025 budget request, the House Appropriations Committee said it “was stunned to learn”of the 37% increase in the cost of the overall program, including the massive construction associated with launch facilities. Northrop Grumman Corp. is managing the missile's development and production. The co
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- Northrop Grumman Co. (NYSE: NOC) is now covered by analysts at BTIG Research. They set a "buy" rating and a $565.00 price target on the stock.MarketBeat
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- Northrop Grumman Co. (NYSE: NOC) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Northrop Grumman Co. (NYSE: NOC) was downgraded by analysts at Sanford C. Bernstein from an "outperform" rating to a "market perform" rating. They now have a $477.00 price target on the stock.MarketBeat
- Northrop Grumman Announces Webcast, Conference Call of Second Quarter 2024 Financial ResultsGlobeNewswire
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Earnings
- 4/25/24 - Beat
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- 5/24/24 - Form SD
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