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Defence & Space

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Governments are rearming and racing into orbit, and the money lands on listed companies: the primes and shipyards, the makers of munitions, drones, engines and electronics, the software and services the forces run on, and the launch and satellite companies. StratDeck follows the 59 listed companies that build what that spending buys, grouped into 9 segments. Each day it shows which parts of the chain are strengthening, which are weakening, and what changed.

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Defence & Space Market Sentiment

Weak market

Based on Friday's close, 2 Oct

SEC EDGARYahoo Finance
01

What is the story today?

The stock the theme's research has most to say about, what the last run measured, and what its own segment says about the move.

RTXRTX Corporation · Aerospace & Defense-2.5% 1W

What the last run measured

  • RTX Corporation is -2.5% over the week and -8.0% over the month.
  • Price is 2.7% below its flat 200-day EMA.
  • It sits in Primes, where 0% of stocks are trending up.

Why

So what?

0% of Primes is above its 200-day EMA, against 17% across the theme. Whatever the stock does, the chain around it is weakening.

Follow the RTX storyFundamentals, valuation, peers, catalysts and risks.
02

Which parts of the chain are working?

Every segment on one scale, then the stocks inside whichever one you pick.

Share of each segment above its 200-day EMA

Theme average 17%
  • Aero enginesEnablers75%3/4-3.1%
  • Software and servicesSoftware43%3/7-0.8%
  • ElectronicsEnablers20%2/10-1.3%
  • SpaceSpace11%1/9+6.5%
  • PrimesPlatforms0%0/9-2.6%
  • NavalPlatforms0%0/5-2.0%
  • Land and munitionsWeapons0%0/5-2.7%
  • ComponentsEnablers0%0/3-1.4%
  • Drones and autonomyWeapons0%0/2-6.4%

Aero engines, Software and services and Electronics are at 20% or better. Weapons is the weak end: Land and munitions and Drones and autonomy are at 0% or less.

Inside a segment

Share Primes in Defence & Space
Weak trending up
1W-2.6%1M-6.4%0/9 trending up (-1 on the week)
  • RTXRTX-2.5%
  • AIR.PAAirbus-1.6%
  • BABoeing-2.3%
  • LMTLockheed Martin-2.7%
  • GDGeneral Dynamics-2.0%
  • BA.LBAE Systems-2.6%
  • NOCNorthrop Grumman-6.4%
  • LDO.MILeonardo-3.2%
  • AM.PADassault Aviation-3.6%

Next earnings: RTX, NOC · 20 Oct

03

What moved, and why?

The largest single-session moves among the theme's stocks, each beside the feed's headline for it, a print coming up, or where its segment sits this week.

  • PL+8.4%

    Planet Labs PBC · Space

    strongest segment this week

  • KRMN+7.1%

    Karman Holdings Inc. · Space

    strongest segment this week

  • RKLB+4.9%

    Rocket Lab Corp · Space

    strongest segment this week

  • BAH-4.4%

    Booz Allen Hamilton Holding Corp · Software and services

    reports 23 Oct

  • LDOS-3.5%

    Leidos Holdings, Inc. · Software and services

    no story in the feed

  • BBAI-3.3%

    BigBear.ai Holdings, Inc. · Software and services

    no story in the feed

04

What is worth a look?

One list. The Terminal and Defence & Space shortlists merged, tagged by where each came from, with the board's best value pick to price them against.

  • AIR.PABothRanging 200-day · stronger than peers · earns 28 Oct+2.0%
  • BNP.PATerminalRising 200-day · stronger than peers · earns 28 Oct+0.6%
  • HAG.DEBothRanging 200-day · worth the premium · electronics+3.1%
  • LLOY.LTerminalRising 200-day · stronger than peers · earns 29 Oct+1.9%
  • KOG.OLBothRanging 200-day · worth the premium · earns 29 Oct-1.1%
  • AM.PAValueCheapest grower in Industrials · fwd P/E 15.0 on +45.1% revenue-0.3%
05

What changed this week?

The daily briefing, the sourced headlines behind it, and what the theme's companies filed with the SEC.

What's changed?

Briefing for 3 Oct

Past briefings
  • US Navy moves forward on drone warships at scale: HII gets 10-ship ROMULUS award, three firms split a 30-ship order

    These are concrete, large-quantity autonomous vessel awards rather than studies or options, signalling the Navy is committing real production dollars to uncrewed surface combatants. HII is directly named as a winner; the 30-ship award spread across three companies shows the Navy is deliberately multi-sourcing this category rather than picking one prime.

    Naval· HII·bullishUK Defence Journal 1·bullishUK Defence Journal 2

  • Continuing resolution is reported to be delaying over 150 new military programs

    A CR freezes spending at prior-year levels and blocks new-start programs, so this is a direct headwind to order flow across primes and subcontractors until a full-year budget passes; it helps explain why program-dependent names are under pressure even as headline defence demand stories continue.

    Theme-wide·bearishBreaking Defense

  • L3Harris wins Trident flight test support contract

    A contract tied to the Trident missile program adds to L3Harris's backlog in strategic systems support, a steady, high-reliability revenue stream for the company.

    Electronics· LHX·bullishUK Defence Journal

  • Software-services names Booz Allen, Leidos and BigBear.ai all fell on the day

    A simultaneous decline of 3 to 4 percent across three government-services names suggests a shared pressure point, plausibly linked to the continuing resolution's effect on new program starts, since these firms depend heavily on federal contract flow.

    Software and services· BAH, LDOS, BBAI

  • Early-stage space funding and launch-timeline news point in opposite directions: Foundational raises £8.2 million while Skyrora pushes its orbital launch back to 2030

    Fresh capital for satellite laser ranging shows continued investor appetite for niche space-tracking technology, while Skyrora's delay highlights how small launch providers continue to slip timelines, a recurring risk for anyone exposed to the sovereign and small-launch segment of the market.

    Theme-wide·bullishPayload 1·bearishPayload 2

Filings

SEC EDGARthe FCA's National Storage Mechanismthe AMFOslo Børs NewsWebNasdaq Nordic
06

What is coming?

Earnings from the last monitor run and the curated calendar, 28 days out.

What's next

Next 28 days

Looking beyond defence? The Terminal screens 380+ stocks across every sector the same way.

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