Lockheed Martin Quartalsergebnis - Meilenstein der Umstrukturierung - 500 Beiträge pro Seite

[Gatsby2]

Nachdem Lockheed im letzten Quartal bereits viermal hochgestuft wurde (u.a. von Goldman Sachs und Morgan Stanley),
zeigen sich jetzt auch deutliche Erfolge bei der Umstrukturierung des Konzerns. Zwar wurde das Konzernergebnis durch
einige aussergewoehnliche Belastungen ein wenig verhagelt, dafuer gab es aber einen gerade phaenomenalen Auftrags-
eingang. (s.u., Second Quarter Achievements)

;-))

Company Press Release

SOURCE: Lockheed Martin Corporation

Lockheed Martin Reports Second Quarter 2000 EPS of $0.11; $0.29
Excluding Nonrecurring and Unusual Items

Generates $1.0 Billion of Free Cash Flow in the Quarter; Raises Free Cash Flow Guidance by $400 Million in 2000

Records $16.7 Billion in New Orders to Achieve Record Backlog of $57.1 Billion

Reaffirms 2000 Earnings Outlook at About $1.05 and 15 - 25 Percent Projected Annual Earnings Growth from 2000 Base

BETHESDA, Md., July 20 /PRNewswire/ -- Lockheed Martin Corporation (NYSE: LMT - news) today reported second quarter 2000 net earnings per share of
$0.11 on a diluted basis, compared to last year`s second quarter net loss per share of $0.11 on a diluted basis. Nonrecurring and unusual items decreased second
quarter 2000 results by $0.18 per diluted share while such items increased the net loss per diluted share in the comparable 1999 period by $0.03.

The Corporation reported it generated $1.0 billion of positive free cash flow in the second quarter of 2000 and $1.4 billion year-to-date. Second quarter 2000 cash
flow included an advance by the United Arab Emirates (UAE) for the purchase of 80 ``Block 60`` F-16 aircraft and associated equipment. The advance resulted in a
cash benefit in the quarter to Lockheed Martin of more than $900 million. The cash benefit for the year from the UAE advance, after subcontractor payments and
other disbursements, is expected to be between $200 million - $300 million. The quarter also included a net payment of $150 million related to Globalstar
Telecommunications Ltd.`s (Globalstar) failure to repay borrowings under its credit agreement. The Corporation is entitled to repayment by Globalstar of this amount.
Net debt, defined as total debt less invested cash, improved by approximately $960 million during the quarter, bringing the net debt to capitalization ratio to 61.3% at
the end of June 2000, the lowest point in 11 quarters.

The Corporation increased its 2000 free cash flow outlook from at least $500 million to at least $900 million with an objective of generating $1.7 billion in free cash
over the two-year period 2000-2001, up from the previous expectation of $1.3 billion. The 2000 expectation was raised to reflect the continued focus on
corporate-wide improvements in cash management, a change in government billing policy that will provide a one-time improvement to cash and ongoing sales of
surplus real estate.

``We have made substantial progress in our efforts to achieve operational excellence and improved financial performance throughout Lockheed Martin,`` said
Chairman and Chief Executive Officer Vance Coffman. ``Our generation of free cash flow is ahead of plan, and with the realization of full and fair value for our
announced divestitures, we will significantly reduce our net leverage in 2000 and 2001.``

During the second quarter, the Corporation announced a definitive agreement for the divestiture of Control Systems to BAE Systems North America. During the third
quarter the Corporation made the decision to sell its Aerospace Electronics Systems to BAE Systems North America for $1.67 billion.

The Corporation reaffirmed its 2000 earnings outlook of about $1.05 per diluted share, excluding the effects of any nonrecurring and unusual items. Lockheed Martin
also reaffirmed that it expects earnings per diluted share to increase in the near-term by 15-25 percent annually from the 2000 base with expected results for 2001
closer to the lower end of the range. It should be noted that the Corporation`s current estimates anticipate a reduction of employee retirement plan (pension) income
in 2001 of approximately $50 million compared to 2000 levels with continued declines in future years also anticipated.

The Corporation`s backlog increased to a record $57.1 billion compared to $45.9 billion at year-end 1999. The backlog increase for the year includes an F-16
order for the UAE, worth approximately $6.4 billion. In addition, the Corporation recorded approximately $6.5 billion in orders for the following: THAAD
Engineering, Manufacturing and Development (EMD) contract, F-16`s for Greece and Israel, Integrated Weapons System for Norwegian Frigates, and two U.S.
and two Italian C-130J airlift aircraft orders.

Citing new business wins, divestitures and program performance, Coffman added, ``We are exceptionally pleased with accomplishments in the second quarter
including, among others, achievement of a record backlog, increased cash flow outlook and the successful inaugural flight of the Atlas III. We remain committed to
restoring our financial strength and flexibility and our performance to-date confirms we are on the right path. We now are seeing the results of our efforts to drive a
culture of managing for value deep into the organization for the benefit of our customers and shareholders. However, we must continue to be vigilant in our dedication
to operational performance and financial discipline.``

SECOND QUARTER AND YEAR-TO-DATE DETAILED REVIEW

Sales for the second quarter of 2000 were $6.2 billion, compared with second quarter 1999 sales of $6.2 billion. Sales for the first six months of 2000 were $11.8
billion, down 5 percent when compared to the same period in 1999.

Net earnings for the second quarter 2000 totaled $42 million, or $0.11 per diluted share. In the comparable period of 1999, the net loss was $41 million, or $0.11
per diluted share. Second quarter 2000 earnings before federal and state taxes included the effects of recording a reserve of $150 million related to the amounts due
from Globalstar, partially offset by a favorable adjustment of $35 million relating to the charge recorded in 1998 associated with the shutdown of CalComp
operations which is substantially complete. The combination of these nonrecurring and unusual items reduced diluted earnings per share by $0.18. In the comparable
1999 period, pretax earnings included a $20 million loss, or $0.03 per diluted share, associated with the write-down of the Corporation`s investment in Iridium LLC.

Reported net earnings year-to-date 2000 were $96 million, or $0.25 per diluted share, compared to a loss of $128 million, or $0.34 per diluted share, for the same
period in 1999. Pretax earnings for 2000 include the aforementioned nonrecurring and unusual items recorded in the second quarter as well as a net pretax gain of
$10 million, or $0.02 per diluted share, associated primarily with the sale of surplus real estate. In the comparable 1999 period, pretax earnings included the
aforementioned write-down associated with Iridium as well as a $114 million gain, or $0.19 per diluted share, associated with the disposition of a portion of the
Corporation`s interest in L-3 Communications Holdings, Inc. stock. Reported 1999 net earnings were reduced by a cumulative effect adjustment of $355 million, or
$0.93 per diluted share, related to adopting the new accounting standard for start-up costs.

In the first quarter of 2000, Management and Data Systems (M&DS) was realigned from the Systems Integration Business Area to the Space Systems Business
Area in recognition of the increased importance of information technology related to space-based systems and to take advantage of synergies within the Space
Systems Business Area in meeting the needs of our Department of Defense and intelligence community customers. To complete this process, the Space Applications
Systems product line was transferred from the Systems Integration Business Area to the Space Systems Business Area in the second quarter of 2000. Space
Applications Systems had sales of $28 million in second quarter 2000 and $57 million year-to-date 2000 compared to $28 million in second quarter 1999 and $60
million year-to-date 1999. The following segment results reflect these realignments.

Segment Results:
Systems Integration

$Millions
2nd Quarter Year-to-Date
2000 1999 2000 1999
Net Sales $2,334 $2,367 $4,405 $4,599
EBIT $202 $205 $370 $373
Margin 8.7% 8.7% 8.4% 8.1%


Systems Integration sales for the second quarter of 2000 were relatively flat, declining 1 percent from the comparable 1999 period. Increases in sales on naval
electronics and surveillance systems and missiles and fire control activities were more than offset by decreases in aerospace electronics programs and the C4I
(Command, Control, Communications Computers and Intelligence) line of business. Earnings before interest and taxes (EBIT) were also slightly lower in the second
quarter 2000 consistent with the slight decline in sales, although margins remained level. Year-to-date revenues were lower than the comparable period in 1999 due
to volume declines in aerospace electronics program activities, distribution technologies, formerly known as postal systems, and C4I, partially offset by increases in
naval electronics and surveillance systems and missiles and fire control activities. For the first six months of 2000, EBIT was flat versus the year-ago period due to the
absence of a charge related to the missile defense area that was recorded in the first quarter 1999. This benefit was offset by decreased earnings consistent with the
aforementioned decline in sales as well as from volume in a certain tactical missile program. Systems Integration sales are expected to grow modestly in 2000
compared to 1999 due to timing in the second half of the year for distribution systems and missile and fire control activities.

Space Systems

$Millions
2nd Quarter Year-to-Date
2000 1999 2000 1999
Net Sales $1,780 $1,728 $3,452 $3,618
EBIT as reported $128 $46 $213 $210
Nonrecurring and
unusual items $0 $20 ($17) $20
Pro Forma EBIT $128 $66 $196 $230
Pro Forma Margin 7.2% 3.8% 5.7% 6.4%


Space Systems EBIT for the second quarter of 2000, excluding nonrecurring and unusual items, was higher than the same period in 1999 as a result of Titan IV
contract modifications which were previously anticipated and improved performance in the 2000 period as well as the absence of a charge on the Titan IV program
recorded in the year-ago period. The contract modifications, which resulted primarily from the U.S. Government`s Broad Area Review team recommendations,
provide for a more balanced sharing of risk in the future. Performance improvements resulted from the successful implementation of corrective actions and initiatives
since the Titan IV launch failure in April 1999. These adjustments resulted in an improvement to pretax earnings in the second quarter of 2000 of approximately $50
million. As a result of a launch failure in 1999, the segment recorded $90 million in negative adjustments related to a change in estimate on the Titan IV program
during the year-ago period. Additionally, there were three launches of Atlas vehicles during the second quarter of 2000 as compared to one in the year-ago period.
Conversely, there was one launch of a Proton vehicle during the second quarter of 2000 as compared to two in the second quarter of 1999. Somewhat offsetting the
aforementioned increases in pro forma EBIT were the expensing of start-up costs associated with the EELV program, commercial satellite performance, and lower
volume in reconnaissance activities. During the second quarter of 2000, sales increased 3 percent due to a higher level of launch vehicle activities and the
aforementioned adjustments related to the Titan IV program. These increases were partially offset by a decline in volume related to commercial satellites, military
satellites and classified program activities.

For the first six months of 2000, pro forma EBIT declined 15 percent. In addition to the aforementioned factors in the quarter, year-to-date pro forma EBIT was
impacted by a $35 million charge on the Atlas program related to market and pricing pressures in the first quarter of 2000, a more conservative assessment of future
program performance on the Titan IV program recorded in the first quarter of 2000, and lower volume on military satellites, government launch vehicles and classified
activities. Sales year-to-date declined due to volume reductions in government launch vehicles, military satellites, classified programs and reconnaissance activities,
partially offset by the positive comparisons on the Titan IV program and increased activities on commercial satellites and commercial launch vehicles. In 2000, the
nonrecurring and unusual items included gains associated with the sales of surplus real estate. In 1999, the nonrecurring and unusual items included a loss associated
with the write-down of the Corporation`s investment in Iridium.

Aeronautical Systems

$Millions
2nd Quarter Year-to-Date
2000 1999 2000 1999
Net Sales $1,253 $1,346 $2,289 $2,766
EBIT $89 ($118) $168 $46
Margin 7.1% (8.8%) 7.3% 1.7%


Aeronautical Systems EBIT for the second quarter of 2000 was significantly higher than 1999 reflecting the absence of a $210 million charge on the C-130J airlift
aircraft program due to a change in estimate recorded in the year-ago period. Excluding the effects of this charge, which included the reversal of previously recorded
C-130J profit, EBIT was relatively flat. A profit decline due to lower F-16 aircraft deliveries was offset by performance improvements on other military aircraft. In
the second quarter of 2000, there were 12 F-16 deliveries compared to 30 in the year-ago period and seven C-130J deliveries compared to three in the second
quarter of 1999. C-130J deliveries are currently booked at zero profit. Sales declined 7 percent in the 2000 period primarily as a result of the reduced F-16 aircraft
deliveries. Year-to-date 2000 EBIT was higher reflecting the absence of the aforementioned charge in 1999 related to the C-130J program, net of profit recorded
on the program in the first quarter of 1999, partially offset by lower aircraft deliveries, primarily related to the F-16 aircraft program. Year-to-date, there were 26
F-16 deliveries in 2000 versus 58 in the 1999 period and 10 C- 130J deliveries in each year. Sales declined in 2000 primarily as a result of the reduction in aircraft
deliveries.

Technology Services

$Millions
2nd Quarter Year-to-Date
2000 1999 2000 1999
Net Sales $599 $537 $1,063 $985
EBIT as Reported $36 $36 $62 $68
Nonrecurring and
unusual items $0 $0 $6 $0
Pro Forma EBIT $36 $36 $68 $68
Pro Forma Margin 6.0% 6.7% 6.4% 6.9%


Technology Services pro forma EBIT for the second quarter of 2000 was flat versus the year-ago period. Increased profits in various federal technology services
programs as well as aircraft maintenance and logistics lines of business were offset by lower profit on certain energy-related contracts and the effects of the divestiture
of the Lockheed Martin Hanford Company in the fourth quarter of 1999. Sales for the quarter in 2000 were higher due to volume on the Consolidated Space
Operations Contract as well as the aforementioned aircraft maintenance and logistics activities offset by the decline in energy programs. Year-to-date 2000, the
relationship of sales and profit amounts as compared to related amounts in the year-ago period are due to the same factors discussed in the quarter. In 2000, the
nonrecurring and unusual item was related to portfolio shaping activities.

Corporate and Other

$Millions
2nd Quarter Year-to-Date
2000 1999 2000 1999
Net sales $246 $225 $565 $423
EBIT as reported ($130) ($35) ($162) $53
Nonrecurring and
unusual items $108 $0 $109 ($114)
Pro Forma EBIT ($22) ($35) ($53) ($61)


Corporate and Other sales for the second quarter 2000 were higher by nine percent due to the operations of Lockheed Martin Global Telecommunications (LMGT)
as well as growth in state and municipal services. The proforma loss for the second quarter of 2000 improved as compared to the year-ago period due to
performance improvements in state and municipal services as well as the fact that the second quarter of 1999 was negatively impacted by performance on an
information technology outsourcing contract and losses associated with the Real 3D operating unit which was sold later in 1999. Pro forma EBIT in the second
quarter of 2000 and 1999 reflect operating losses of $23 million for LMGT in both periods. Year-to-date 2000 sales were higher by 34 percent versus the
comparable year-ago period. The majority of the increase was due to growth in LMGT primarily associated with the recognition of revenue on a Proton launch
vehicle, which successfully launched the ACeS 1 satellite in the first quarter of 2000. The remainder of the increase is due to increased volume in state and municipal
and information technology outsourcing programs. Pro forma EBIT for the first six months of 2000 was adversely affected by performance on information technology
outsourcing contracts and the absence of a favorable adjustment recorded by the segment`s Communications Industry Services line of business in the first quarter of
1999. More than offsetting these items was the absence in 2000 of losses associated with the Real 3D operating unit. Operating losses for LMGT were $45 million
for the first six months of 2000 compared to losses of $47 million in the year-ago period. In the second quarter of 2000, the nonrecurring and unusual items primarily
related to the charge associated with Globalstar and the favorable adjustment related to the charge associated with the shutdown of CalComp operations.
Year-to-date 1999, the nonrecurring and unusual item was associated with the sale of a portion of the Corporation`s holdings in L-3 stock.

Second Quarter 2000 Achievements

In announcing second quarter 2000 earnings, Vance Coffman cited additional events, program awards and Mission Success achievements during the quarter with
positive implications for Lockheed Martin`s outlook:

-- Lockheed Martin received program go-ahead on a $6.4 billion contract
and an initial payment for the UAE purchase of 80 "Block 60" F-16
aircraft.

-- Lockheed Martin received a contract, valued in excess of $3 billion, to
begin the Engineering and Manufacturing Development phase of the
Theater High Altitude Area Defense (THAAD) system.

-- Lockheed Martin was awarded a contract, valued in excess of
$500 million, to provide the integrated weapons system (IWS) for five
new frigates for the Royal Norwegian Navy. As a subcontractor to
Empresa Nacional Bazan of Spain, Lockheed Martin and its Norwegian
partners will develop an IWS derived from the Aegis combat system it
produces for the U.S. Navy.

-- The Corporation received all international regulatory approvals for the
LMGT/COMSAT merger; final FCC approval is anticipated in the third
quarter.

-- The Corporation was awarded a $1.2 billion contract for 50 F-16
aircraft being procured by Greece.

-- In May, the Corporation received the contract for nine USAF F-16s being
procured with fiscal 2000 funding.

-- The Corporation delivered 12 F-16 and 7 C-130J aircraft bringing the
totals delivered for the year 2000 to 26 and 10, respectively.

-- In late April, Lockheed Martin delivered the 4,000th F-16.

-- The first production C-27J medium transport aircraft being developed by
Lockheed Martin Alenia Tactical Transport Systems made its initial
flight on May 12 at Alenia Aerospazio`s facilities in Italy.

-- Lockheed Martin successfully completed the launch of three Atlas
rockets, including the inaugural launch of the new Atlas III on
May 24 carrying the W-4 communications satellite for Paris-based
Eutelsat.

-- The U.S. Naval Air Systems Command selected Lockheed Martin Aircraft &
Logistics Centers as the winner of a recompetition to conduct depot
level maintenance of the C-9 aircraft fleets of the Navy, Air Force,
and Marine Corps. The entire 7-year contract with extensions has an
estimated value of $350 million.

-- The government of the Republic of Argentina awarded Lockheed Martin a
5-year, $230 million contract to continue performing maintenance and
modification services for its fleet of aircraft.

-- Lockheed Martin was selected by the U.S. Navy to provide training
equipment, analysis and support for all types of naval aircraft through
2008 under a contract valued at up to $375 million.

-- The U.S. Navy awarded Lockheed Martin a 10-year contract, worth up to
$556 million, to provide depot operations and lifetime support
engineering services for the Aegis combat system, currently in use
aboard 27 cruisers and 28 destroyers in the U.S. fleet.

-- The U.S. Navy awarded Lockheed Martin a $142 million contract to
support logistics operations for the service`s Consolidated Automated
Support System assets deployed worldwide. Including these orders, the
Navy has awarded the Corporation orders valued in excess of $1.1
billion since January 2000.

-- Lockheed Martin was awarded a $55 million contract by the Romanian
government to design and install an integrated weather system for the
nation.

-- Building on its systems integration and engineering expertise, Lockheed
Martin was selected to develop and integrate a Positive Train Control
(PTC) system for the Illinois Department of Transportation. PTC links
advanced communications, monitoring and control technologies to provide
safe and efficient railroad operations.

-- Highlighting the world-class software capabilities of the Systems
Integration business area, Lockheed Martin Information Systems was
assessed at Capability Maturity Model® Level 4 by the Carnegie Mellon
University Software Engineering Institute. With 11 companies --
including nine within the Systems Integration business area -- assessed
at levels 4 and 5, Lockheed Martin has more high-maturity software
development organizations than any other Corporation in the world.

-- Lockheed Martin Space Systems, Hughes Space and Communications and TRW
on May 30 announced formation of a National Team to build the
Department of Defense`s next generation of highly secure communication
satellites known as the Advanced Extremely High Frequency (Advanced
EHF) system.

-- Lockheed Martin Intersputnik received $39M in orders for transponder
services

-- The Corporation $28-million contract from Astrolink LLC to design and
integrate equipment to test components of the Astrolink satellite
constellation.


NOTE:

Statements in this press release, including the statements relating to projected future financial performance, are considered forward-looking statements under the
federal securities laws, including the Private Securities Litigation Reform Act of 1995. Sometimes these statements will contain words such as ``believes,`` ``expects,``
``intends,`` ``plans,`` ``estimates,`` ``outlook,`` ``forecast,`` and other similar words. These statements are not guarantees of our future performance and are subject to
risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we may project.

As for the forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent nature of
projections and may be better or worse than projected. Given these uncertainties, you should not place any reliance on these forward- looking statements. These
forward-looking statements also represent our estimates and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates
to these forward-looking statements, and the estimates and assumptions associated with them, after the date of this press release to reflect events or circumstances or
changes in expectations or the occurrence of anticipated events.

In addition to the factors set forth in our filings with the Securities and Exchange Commission (www.sec.gov), the following factors could affect the forward-looking
statements: timing and uncertainty related to obtaining regulatory approval of announced divestitures; the ability to achieve or quantify savings for our customers or
ourselves through business area streamlining, staff reductions, global cost-cutting program and other financial management programs; the ability to obtain or the timing
of obtaining future government awards; the availability of government funding and customer requirements; difficulties in developing and making operational advanced
technology systems in space and other business areas; economic conditions; competitive environment; international business and political conditions domestically and
internationally; timing of awards and contracts; timing and customer acceptance of product delivery and launches; the outcome of contingencies, including completion
of any acquisitions and divestitures, litigation and environmental remediation and program performance. These are only some of the numerous factors which may
affect the forward-looking statements in this press release.

SOURCE: Lockheed Martin Corporation

[Micky_Mouse]

LOCKHEED schreibt nach außerordentlichen Erträgen wieder schwarze Zahlen. Gezahlt werden 11 cent/Share Quartalsdividende am 29. Sept.00 (Ex-Tag 1. Sept.). Die Analysten sind- wie bereits von Gatsby 2 erwähnt- sehr positiv gestimmt, was auch das relativ hohe KGV rechtfertigt.

Nach LOCKHEED zogen auch RAYTHEON zuletzt deutlich an: (in USD)

Lockheed Martin 26,75 (+5,4%)
Raytheon A 22,4375 (+9,8%)

[Gatsby2]

Hi Micky_Mouse,

wie Du siehst, hab ich Deine gute Anregung mal aufgenommen, und ich freue mich, dass Du den Thread
trotz fehlender Aktienangabe gefunden hast.

Zur Aktie: Lockheed hat mich heute natuerlich sehr gefreut (Raytheon noch ein wenig mehr), aber ich sehe
sie - wie gesagt - als longterm investment. Das dritte Quartal wird m.E. recht kritisch, weil dort die Bilanz
um einige Posten bereinigt werden muss. Besagte Posten sind zwar nach den Kontrakten reine Luftnummern,
es koennten aber einige Leute mit schwaecheren Nerven nervoes werden. Unberechtigt, um es klar zu sagen!
Berechtigt ist allerdings die Aussicht auf die eine oder andere gute Einstiegsmoeglichkeit.

Insgesamt scheint mir ein ganz wesentlicher Schritt in der Rechtfertigung (!) des bereits stattgehabten
Turnarounds erfolgt zu sein. Meine ganz persoenliche Prognose fuer Q1/2001: 34 US$!! Sollte es weniger
sein, lade ich Dich zum Abendessen ein. (Erfuellungsort: Frankfurt/Main)

Gruss,

Gatsby
;-))

[Micky_Mouse]

Hy Gatsby 2,

ich glaube, wir sind in Deinem Lockheed- Thread unter uns. Vielleicht springen ja noch welche auf, wenn der Kurs tatsächlich über die 30 $ geht.

Leider bin ich bei 27 ausgestiegen (mit schönem Gewinn) und lauere seither auf günstigere Kurse. Auf den fahrenden Zug möchte ich jetzt nicht mehr aufspringen.

Habe aber am Mittwoch in der F.A.Z. gelesen, dass einige Analysten von amerikanischen Banken nochmal eine Korrektur und Turbulenzen am US-Markt erwarten. Wenn`s so kommt, dürfte auch Lockheed zurückkommen.

Deine Einladung nehme ich natürlich gerne an (wohne zwar in Berlin, aber kein Problem mit Ffm!) und das kannst Du Dir dann ja auch leisten bei Kursen um die 40€.

Gruß Micky

[Micky_Mouse]

Eigentlich komisch, aber die NYSE scheint erst jetzt die guten Meldungen um Lockheed zu belohnen. Fast unbemerkt steigt der Kurs von Tag zu Tag.
Das erinnert mich an meinen Thread zu Tommy Hilfiger, die Aktie interessiert kaum jemanden, steigt aber wieder von Mal zu Mal...

[Gatsby2]

Ja, schoen nicht? Was die Buben an Auftraegen hereinholen ist schon wirklich interessant. Ich habe langsam
das Gefuehl, Auftraege unter dreistelligen Millionenbetraegen halten die gar nicht mehr fuer erwaehnenswert.
Auch den Verkauf von Sanders scheint der Markt sehr positiv aufgenommen zu haben. Uebrigens habe ich
am Freitag die Raytheon mit netten 30 %chen Gewinn abgeladen. Ich denke, alles im Bereich von 20 - 21 Euro
lohnt das Nachdenken ueber den Wiedereinstieg. Deinen Hilfiger-Thread werde ich mir mal ansehen. An Ober-
bekleidungsaktien hatte ich bisher naemlich noch nie gedacht. Ist halt kein Modethema.

;-))

[Gatsby2]

Schade, dass ich hier eine Art Selbstgespraech fuehre. Seit Maerz waren es ja auch erst 70%. ... Wer nicht will,
der hat vielleicht schon. Den Kernsatz moechte ich trotzdem nochmals hervorheben:

ORDER AND AUTHORIZATION

Immer noch kein Interesse?

;-))

*****************************************************************

Before the
FEDERAL COMMUNICATIONS COMMISSION
Washington, D.C. 20554

In the Matter of )
)
Lockheed Martin Corporation, ) File No. SAT-T/C-20000323-00078

COMSAT Government Systems, LLC, )
And COMSAT Corporation ) File No. SAT-STA-20000323-00073
)
Applications for Transfer of Control of )
COMSAT Corporation and Its Subsidiaries, )
Licensees of Various Satellite, Earth Station )
Private Land Mobile Radio and Experimental )
Licenses, and Holders of International Section )
214 Authorizations )

ORDER AND AUTHORIZATION

Adopted: July 27, 2000 Released: July 31, 2000

By the Commission: Commissioner Furchtgott-Roth concurring and issuing a statement

I.INTRODUCTION

1. In this Order, we grant Comsat Corp. (Comsat) authority to assign its space and earth
stations licenses to Comsat Government Systems, LLC (CGS-LLC), a wholly owned subsidiary of
Lockheed Martin Corporation. Granting these applications will permit completion of the planned
merger of Lockheed Martin and Comsat. Lockheed Martin has a de minimis presence in the U.S.
international communications market, while Comsat serves primarily the U.S. international
communications market. The merger will permit the merged company to compete more effectively
in the global satellite telecommunications market. The resulting competition will promote wider
service offerings and lower prices for consumers in the United States and abroad.

II. BACKGROUND

A. The Parties

2. Lockheed Martin is a diversified enterprise principally engaged in the research, design,
development, manufacture and integration of advanced-technology systems, products and services.
Lockheed Martin is incorporated in Maryland, with its principal executive office in Bethesda,
Maryland. Lockheed Martin does not currently operate any commercial communications satellites.
It is, however, a provider of de minimis international telecommunications services through CGS-
LLC, which it acquired from Comsat in 1999 as a result of the first phase of this merger.

3. Lockheed Martin has a 31 percent interest in Astrolink International LLC (AIL). AIL
holds an FCC license to launch and operate a geostationary satellite orbit (GSO) fixed satellite
service (FSS) called Astrolink in the Ka frequency bands. Additionally, Lockheed Martin has
three applications pending before the Commission for communications satellite systems that, if
authorized, would be operational in several years.

4. Lockheed Martin is also a participant in three joint ventures for provision of
telecommunications services overseas through satellites licensed by other countries. Lockheed
Martin and the Intersputnik International Organization of Space Communities formed Lockheed
Martin Intersputnik, Ltd. ("LMI"). This venture provides service via a single satellite, launched to
75 E.L. on September 27, 1999, in the C-band (and intends to operate in the Ku-band as well) to
remote and underserved areas of Russia, Eastern Europe, Asia, and Africa. LMI does not provide
coverage of the United States or service to or from the United States. Lockheed Martin and GE
American Communications, Inc. formed a joint venture to provide satellite communications
services to businesses and consumers in the Asia-Pacific region via a Ku-band satellite to be
located at 108 E.L The venture expects to launch the satellite in the third quarter of 2000 and
does not plan to provide any services to or from the United States. Lockheed Martin also holds a
32.55 percent equity interest in the Asian Cellular Satellite ("AceS") System. This regional
system will provide mobile-satellite services ("MSS") primarily via L-band transponders. AceS
has launched one satellite that will provide coverage to Southeast Asia and nearby Pacific Island
points. A second satellite is planned to provide MSS to western Asia, the Middle East,
Mediterranean Europe, the United Kingdom and northern Africa. Neither satellite is expected to
provide any service to or from the United States.

5. Finally, Lockheed Martin holds a passive 13.5 percent fully diluted interest in Loral Space
and Communications Ltd. ("Loral"). Loral is a satellite communications company operating in four
distinct segments: fixed satellite services, broadband data services, satellite manufacturing &
technology, and global mobile telephone services. Loral Global Alliance consists of Loral Skynet,
Loral CyberStar, Inc., (formerly Orion Network Systems), a 49 percent owned affiliate SatMex,
and a 47 percent owned affiliate Europe*Star Limited. Loral Global Alliance offers fixed satellite
services through ten high-powered geosynchronous satellites A February 2000 agreement
between Lockheed Martin and Loral would facilitate Lockheed Martin`s ability to divest this
interest. A shareholder`s agreement between Lockheed Martin and Loral restricts Lockheed
Martin`s ability to exercise any influence or control over Loral.

6. CGS-LLC is a single member Delaware limited liability company wholly-owned by
Lockheed Martin with executive offices in Bethesda. CGS-LLC was formed to effectuate the first
phase of the proposed merger between Lockheed Martin and Comsat. At the time it was created,
CGS-LLC was named Regulus, LLC ("Regulus"). As a result of the Commission`s approval of
the first phase of the merger, CGS-LLC holds nearly 49 percent of Comsat`s common stock.
CGS-LLC provides international satellite resale services and related capabilities to U.S.
government agencies. It holds an authorization to provide international common carrier services,
including a Section 214 authorization and two earth station licenses from the FCC.

7. Deneb Corporation is a Delaware corporation wholly-owned by Lockheed Martin and
incorporated for the purpose of effecting the merger with Comsat. Deneb engages in no other
business.

8. Comsat is incorporated under the laws of the District of Columbia, with headquarters in
Bethesda, Maryland. Comsat`s incorporation was authorized by the Communications Satellite Act
of 1962 (Satellite Act), which called for the formation of a private, for-profit U.S. communications
satellite corporation (Comsat) that would participate in the planning, construction, ownership,
management and operation of a global commercial telecommunications system. The
International Telecommunications Satellite Organization ("INTELSAT") was established on
August 20, 1971. INTELSAT is now a 143-member intergovernmental cooperative that
operates 17 satellites providing telecommunications services to over 99 percent of the globe.
Comsat serves as the U.S. Signatory to the INTELSAT with a total ownership of 20.4 percent as
of March 1, 2000. Until September 1999, Comsat was the only company permitted to access
INTELSAT satellites and distribute its services in the United States. In 1999, we permitted users
and service providers in the United States to obtain access to INTELSAT space segment capacity
via contracts for services directly with INTELSAT.

9. Comsat previously served as the U.S. Signatory to the International Mobile Satellite
Organization ("Inmarsat"), INTELSAT`s sister organization, prior to Inmarsat`s privatization on
April 15, 1999. Comsat now holds a 22.2 percent equity interest in the privatized company, a
corporation incorporated and headquartered in the United Kingdom.

10. In 1999, Comsat had total revenues of more than $600 million and approximately 1,700
employees. Comsat has four business segments: COMSAT World Systems (CWS), COMSAT
Mobile Communications (CMC), COMSAT International (CI), and COMSAT Laboratories (CL).
CWS provides satellite capacity for voice, data, Internet, video and audio communications services
between the United States and other countries using the global satellite networks operated by
INTELSAT and New Skies Satellites, N.V. (New Skies), a privatized spin-off of INTELSAT. CI
operates an integrated group of telecommunications companies providing individualized digital
network solutions and value-added services to business clients and carriers in selected emerging
markets. CMC provides voice, data, fax, telex and information services for maritime, aeronautical
and land mobile applications, primarily through Inmarsat. CL provides technical consulting
services and develops advanced communications technologies and products for satellite access and
networking applications.


B. The Proceeding

11. On October 16, 1998, Lockheed Martin, Regulus, and Comsat submitted applications for
consent to transfer control of CGSI to Lockheed Martin and for consent to acquire Comsat stock
as an "authorized carrier" under the Satellite Act. These requests were based on an agreement
between Lockheed Martin and Comsat, concluded on September 18, 1998 (the "Merger
Agreement"). Under the Satellite Act, no common carrier could own more than 50 percent of
Comsat`s stock. Therefore the Merger Agreement detailed a two-step process for completing the
merger. The October 1998 requests represented the first phase of the proposed transaction. In that
phase, Regulus sought to acquire CGSI, a subsidiary of Comsat, in order for Lockheed Martin to
become a common carrier. As a common carrier, Regulus then sought authorization from the
Commission under the Satellite Act to purchase up to 49 percent of Comsat`s stock. On
September 15, 1999, the Commission granted these requests.

12. The Open-Market Reorganization for the Betterment of International Telecommunications
Act (the ORBIT Act) was enacted on March 17, 2000. The ORBIT Act eliminated the ownership
restrictions in the Satellite Act that prevented Lockheed Martin from acquiring control of Comsat.
Consequently, after passage of the ORBIT Act, the parties filed the present application.

13. With this application, the parties seek authority to complete the second phase of the
proposed merger by transferring control of the remaining 51 percent of Comsat stock to Lockheed
Martin through the process set forth in the Merger Agreement. The completion of the merger
will not affect the FCC licenses and authorizations held by Comsat subsidiaries as those licenses
and authorizations will continue to be held by the same entities after the merger. These licenses
and authorizations include satellite service authorizations, earth station facilities licenses,
temporary authority to operate two space stations, 214 authorizations and certain Private Land
Mobile Radio and Experimental authorizations.

14. The applicants state that combination of the strengths and capabilities of their companies
would create a satellite services company that could compete more effectively in the international
telecommunications marketplace. They state that grant of their application will serve the public
interest by enhancing competition in satellite services and advancing other important U.S. policy
goals. The applicants also state that the merger poses no risk of harm to competition. The
application was unopposed.

III. DISCUSSION

A. Legal Standard

15. Under Section 310(d) of the Communications Act, we must find that the proposed
assignment serves the public interest, convenience, and necessity before we can approve
the assignment of authorizations or licenses. To make this finding, we must weigh any
potential public interest harms against any potential public interest benefits, considering
competitive effects and other public interest factors such as rapid delivery of service to the
public. In conducting our analysis of potential public interest harms and public interest
benefits, we first take note of the fact that no party has opposed this application. We then
begin our analysis by identifying the relevant product markets that are affected by the
proposed transaction and the competitive effects of the proposed transaction in these
markets.

B. Effects on Competition and Public Interest Benefits

16. In evaluating the competitive effects of the proposed transaction, the Commission
considers both the relevant product and geographic markets. For telecommunications service
providers, the Commission has determined that the relevant product markets can include both
service to U.S. domestic telecommunications markets and service between the U.S. and
international telecommunications markets. Comsat does not provide any domestic
telecommunications services within the U.S.. Thus, Lockheed Martin`s acquisition of Comsat
would not increase concentration or market power in the provision of satellite services within the
domestic U.S.

17. A number of companies provide domestic U.S. satellite service, international satellite
service to and from the U.S., or both. In addition to Comsat, we note that there are two other
major U.S. satellite providers of domestic U.S. or international or both telecommunications
services. In December 1999, PanAmSat reported that it was operating a global satellite network
consisting of 20 geostationary earth orbit communications satellites with global coverage, and that
it expected to have 24 satellites by mid-2001. GE Americom currently operates 14 satellites
providing primarily domestic U.S. services, has authority to launch and operate a Ka-band global
satellite system and has applications pending for authority for a V-band global satellite system.
In addition, for some services in some markets, satellite providers compete with terrestrial systems.
As noted above, in 1999, we permitted users and service providers in the United States to obtain
access to INTELSAT space segment capacity via contracts for services directly with
INTELSAT. In 2000, the ORBIT Act specifically provided for direct access. The availability
of direct access to the INTELSAT space segment may further limit Comsat`s ability to exercise
market power in thin route markets.

18. For the international telecommunications markets, the Commission has evaluated the
competitive effects on a country-by-country basis, for service between the U.S. and specific foreign
countries, where service to each foreign country from the U.S. represents a separate geographic
market. In those analyses, we considered whether the proposed transaction will lessen or enhance
competition in the provision of communications services in, to or from the United States. We need
not analyze the impact of the merger on competition in the provision of satellite services to foreign
countries that does not involve service to or from the United States.

19. After reviewing the Joint Application, we find that there does not appear to be any
significant overlap in the provision of services in the same product and geographic markets in, to or
from the United States by Lockheed Martin with Comsat. As noted above, Lockheed Martin
acquired CGS-LLC from Comsat as part of the first phase of this merger. CGS-LLC provides
U.S. international satellite resale services and related capabilities to U.S. government agencies.
We find that this constitutes a de minimis presence in the U.S. international communications
market and does not significantly increase the level of concentration in any relevant product or
geographic market. Thus, we do not believe that the combination of Lockheed Martin and Comsat
will increase significantly the level of concentration or decrease the level of competition in any
relevant product or geographic market. In addition, we have determined that the Lockheed
Martin joint ventures with Intersputnik International Organization of Space Communities ("LMI")
and with GE American Communications do not provide or plan to provide services to or from the
United States. In addition, the Lockheed Martin investment in Asian Cellular Satellite is not
expected to involve service in the United States and Lockheed Martin`s pending applications for
satellite systems are not expected to become operational for several years. Since these Lockheed
Martin investments do not involve services in, to or from the United States, we conclude that
competition for services in, to or from the United States in relevant product or geographic markets
would not be lessened by the combination of these Lockheed Martin interests with Comsat`s
business operations.

20. Lockheed Martin also holds a passive interest representing approximately a 13.5 percent
fully diluted interest in Loral Space and Communications Ltd., subject to a shareholders`
agreement which restricts Lockheed Martin`s ability to exercise any influence or control over
Loral. Given the small share size of this investment, Lockheed Martin would not have an incentive
to alter Comsat`s business operations in an anticompetitive manner in order to provide Loral with
the ability to increase profitably its prices in any market in which they might compete. In addition,
given the restrictions in the shareholders` agreement on Lockheed Martin`s ability to influence
Loral operations, Lockheed Martin would not have the ability to alter Loral`s business operation to
provide Comsat with the ability to increase profitably its prices. We have also noted the existence
of the agreement to facilitate the divestiture of Lockheed Martin`s interest in Loral. Therefore, we
find that the combination of Lockheed Martin`s limited interest in Loral with Comsat`s business
operations would not adversely affect competition.

21. In evaluating the public interest benefits, we reviewed the Applicants` claims of public
interest benefits based on a combination of complementary strengths and capabilities. We note the
applicants` uncontested assertion that the combination of Lockheed Martin`s technological skills
and resources with Comsat`s long-standing expertise in providing international satellite services
will increase operational efficiencies necessary to compete in the international telecommunications
marketplace. In addition, the applicants assert that combining the capabilities of Lockheed
Martin`s research operations with Comsat Labs will facilitate the development of advanced
communications technologies. Given that we have found no evidence of potential harm to
competition resulting from the proposed transaction, and in view of these stated benefits, we find
that based on the claimed benefits, the proposed transaction would be in the public interest.

IV. OTHER MATTERS

22. The only comment filed in response to the application is styled as a "Petition for
Protective Orders" filed by Litigation Recovery Trust (LRT). LRT represents certain individuals
and entities that have been pursuing claims against Comsat over several years in various fora,
including the Commission. LRT alleges in its petition that Comsat has committed various
violations of the Satellite Act and requests, as a condition to granting the application before us,
imposition of a number of protective orders. According to LRT, the protective orders are
designed to require Comsat to operate under specific procedures and restrictions that purportedly
would prevent the behavior alleged by LRT to be illegal. CGS-LLC and Comsat opposed LRT`s
petition.

23. We deny LRT`s petition. We find LRT`s petition procedurally defective. The
pleading schedule established in the Public Notice required comments or petitions to deny to be
filed on May 4, 2000, reply comments or opposition to petitions to deny to be filed on May 19,
2000 and responses on May 26. LRT`s petition was not received by the Commission until May
30, 2000, well after the deadline for filing comments. Further, the petition can not be considered a
reply or response rather than initial comments. Since there are no previously filed pleadings to
which LRT petition responds, we characterize the petition as late-filed comments. Even if LRT`s
petition could be considered a response comment, LRT failed to file it on a timely basis. The
petition was not received by the Commission on May 26 when responses were due. Rather, it was
mailed on that date, and not received by the Commission until May 30. Nor did LRT ever file a
motion for acceptance of late-filed pleading or motion for extension of time to file. LRT`s
petition, therefore, is procedurally defective.

24. We address LRT`s petition nevertheless and deny it. Many of the allegations raised
by LRT either have previously been addressed and rejected by this Commission or are
unsubstantiated. In 1998, we denied, in a Consolidated Order, a variety of petitions and
complaints filed against Comsat by LRT or the individuals or LRT entities that comprise LRT.
LRT repeats several allegations in this proceeding that were previously disposed of in our
Consolidated Order. LRT also makes new allegations in its petition that it fails to substantiate.
In either case, because we find that the issues raised are not appropriately within the scope of this
transfer of control application, we will not address them here.


V. CONCLUSION

25. In view of the forgoing, we find that granting the applications will serve the public
interest, convenience, and necessity by increasing competition in the satellite services market to the
benefit of U.S. consumers. For this reason and the reasons described in the Order and
Authorization, we grant the application of Lockheed Martin, CGS-LLC, and Comsat for consent to
transfer control of Comsat to Lockheed Martin.

VI. ORDERING CLAUSES

26. Accordingly, IT IS ORDERED that File No. SAT-ISP-19981016-00072, Application
Transfer of Control of Comsat Corporation and Its Subsidiaries, Licensees of Various Satellite,
Earth Station, Private Land Mobile Radio and Experimental Licenses, and Holders of International
Section 214 Authorizations IS GRANTED.

27. IT IS FURTHER ORDERED that the Petition for Protective Orders filed by
Litigation Trust Recovery is DENIED.

28. This Order is effective upon release.


FEDERAL COMMUNICATIONS COMMISSION




Magalie Roman Salas
Secretary
SEPARATE STATEMENT OF
COMMISSIONER HAROLD FURCHTGOTT-ROTH

Re: Lockheed Martin Corporation, COMSAT Government Systems, LLC, and COMSAT
Corporation, Applications for Transfer of Control of COMSAT Corporation and Its
Subsidiaries, Licensees of Various Satellite, Earth Station Private Land Mobile Radio and
Experimental Licenses, and Holders of International Section 214 Authorizations.

I fully support today`s decision to grant transfer of these licenses, and concur with the final
judgement. Nonetheless, I cannot endorse the majority`s decision to subject these applications to a
"market analysis" presumably designed to assess the impact of these transfers on the satellite
services market. As I have stressed elsewhere, I believe such concerns are outside the scope of our
public interest review and duplicative of the work of other agencies. So long as license transfers
comport with our rules, I believe our approval should be swift and sure. Culling out certain
transactions for special treatment undermines predictability, diminishes transparency, delays
resolution, and ultimately harms the public interest. I once again urge my colleagues to support my
efforts to curb these unnecessary intrusions into market analyses.

[Micky_Mouse]

Der republikanische Präsidentschaftskandidat George W. Bush ist z.Zt. im Aufwind und scheint wie sichere Sieger auszusehen. Es ist klar, dass Bush die US-Army aufrüsten wird, es winken dicke Aufträge. Von dem zu erwarteten Kuchen wird Lockheed ein gutes Stück abbekommen.

Kommt es aber anders und Al Gore macht das Rennen, dürfte die Phantasie raus sein.

[Gatsby2]

Hehe,

wer wird denn gleich skeptisch werden. Schau Dir mal an was gestern bei LMT, CQ und LOR passiert ist. Die haben da wirklich
Geld ueber den Tisch geschoben. M.a.W.: der merger ist mehr oder weniger fertiger. Mithin kann auch die Breitbandkommunikation
fuer Phantasie sorgen.

Im uebrigen hat Lockheed ohnehin schon Auftraege satt eingefahren, und egal, wer letztlich Konsortialfuehrer beim JSF wird, bleiben
fuer den Verlierer immer noch 40%.

Ich stimme Dir allerdings zu, dass eine Wahl von G.W.Bush der Sache noch einen kleinen Extrakick geben wird. Sollten die Reps
das Rennen machen, sehe ich so um die US$ 40,-- im Q1/2001.

Gruss

Gatsby

;-))

[Micky_Mouse]

Moody`s Investor Service hebt die Ratingaussichten für Verbindlichkeiten von Lockheed Martin auf "Stable" an (zuvor "Negative").

Begründet wird dies mit den guten Geschäftsaussichten und dem Verkauf der Sparte Aerospace Electr. Sys.an BAe Sys.plc, London zu 1,67 Mrd. USD in bar. Quelle: vwd/3.8.

[Micky_Mouse]

Prudental Security stuft die Rüstungswerte von "Kaufen" auf "Halten" herab. Besonders die gut gelaufenen Lockheed Martin und Boeing, sowie Raytheon seien reif für Gewinnmitnahmen.

Auch vom voraussichtlichen US-Präsidenten G.W.Bush seien keine weiteren positiven Signale mehr zu erwarten. Zwar will Bush die Streitkräfte noch einmal aufrüsten und das Satellitenabwehrsystem verwirklichen, jedoch insgesamt die Rüstungsausgaben keineswegs erhöhen.

Bin persönlich derselben Ansicht, Lockheed & Boeing sind einfach zu teuer, Potenzial dagegen bei Rockwell & Honeywell.

[Gatsby2]

Aaaah - gimme a break!!

Was hat Prudential da fuer ein Zeug geschrieben?! Sie haben fuer Raytheon das rating `buy` beibehalten und
sogar das Kursziel auf US$ 31,-- erhoeht, waehrend alle anderen downgrades bekamen.

Ich mag mich ungern mit Analysten anlegen, aber das ist schlicht und ergreifend BULLSHIT!!

Lockheed hat in den letzten Monaten ganz klar eine Strategie herausgearbeitet, und die heisst: (1.) F-16 bis
zum Ende, (2.) JSF, (3.) Satelliten und launches, (4.) Satcom.

Auch hat Lockheed deutlich gezeigt, dass sie Willens und in der Lage sind, ihre Schulden anzugehen, waehrend
ich bei Raytheon jedenfalls den zweiten Parameter weitgehend vermissen muss. Auch das zu erwartende Auftrags-
volumen beim NMD scheint mir fuer eine positive Langfristperspektive nicht auszureichen. Anders mag es indes
mit moeglichen Auftraegen fuer cruise missiles aussehen ...

Bottom line: das rating fuer Lockheed ist m.E. Quatsch! Im Satcom - Geschaeft sehe ich sehr gute Perspektiven,
und die andernorts hervorgehobene Annaeherung an EADS wuerde ich auch nicht unterschaetzen. (Die Skunk-Works
haben naemlich auch schon sehr gute Zivilflugzeuge hervorgebracht!)

Gruss

Gatsby

;-))

[Gatsby2]

RE: Micky Mouse

Sorry, aber das musste ich Dir einfach mal reinkopieren:

8 min - events listed also
by: whad_i_do_now
8/17/00 7:41 pm
Msg: 30946 of 30946
Update for 7:37 PM EDT (2337 GMT)


T-minus 8 minutes and counting for the launch of a U.S. Air Force Titan 4-B rocket from Vandenberg AFB, Calif. No issues
are being worked as the countdown clock ticks down toward a 7:45 PM EDT (2345 GMT) launch.



The countdown events are as follows:

T+00:00......TITAN-4B LIFTOFF T+02:09......STAGE 1 IGNITION T+02:23......SRB STAGING T+03:19......PAYLOAD
FAIRING JETTISON T+05:20......STAGE 2 IGNITION T+09:03......STAGE 2 BURNOUT

Titan 4-B details:

Liftoff thrust....................3.2 million pounds ... Vehicle launch weight.............2.2 million pounds Total propellant..................1.9
million pounds Stage 1 Core Vehicle..............86.5-by-10 feet Stage 1 thrust....................551,200 pounds Stage 1
propellants...............Aerozine-50 and N204 Stage 2 Core Vehicle..............32.7-by-10 feet Stage 2 thrust....................106,150
pounds Stage 2 propellants...............Aerozine-50 and N204 Upgraded Solid-Fuel Boosters......112.4-by-10.5 feet SRB
weight........................770,673 pounds each SRB thrust........................1.7 million pounds each Guidance..........................Ring
laser gyro/digital computer Payload fairing...................66 feet Builder...........................Lockheed-Martin Astronautics

[Gatsby2]

Hi Micky Mouse,

nachdem ich letztens meiner Begeisterung fuer Raumfahrt mal entsprechenden Raum gelassen habe, ist mir jetzt noch ein
kleiner Text zum Thema Raytheon/Lockheed aufgefallen den - mal wieder - der gute alte Gino (aka Browser20) ausgegraben hat:

RUBEL LIKES LOCKHEED MARTIN, HAS RESERVATIONS ABOUT RAYTHEON: Howard Rubel, a seven-year veteran at Goldman Sachs, has
covered the aerospace and defense sector for 19 years. A five-time Wall Street Journal All-Star for stock picking, Rubel has chosen stocks that have generated a
48 percent return over the past three years. Rubel starts with the bigger picture - politics - to analyze stocks in this sector. "Politics creates a demand for military
equipment in many cases," he says. "So we look for a clear and convincing reason that military spending will go up, and those go from domestic reasons to
international challenges." In the U.S., for instance, an aging military in need of replacement and a projected 10-year budget surplus of $2.2 trillion will lead to a
$112 billion increase in defense spending over the next five years. In March, Rubel upgraded the defense giant Lockheed Martin to "market outperform" after the
company won a $6.4 billion contract to sell 80 F-16 fighters to the United Arab Emirates-the largest in a series of international sales. "What happened here is that
[within Lockheed management] there has been a recognition of greater financial discipline and a focus on operational excellence." As a result, the company`s
contracts now carry higher margins. On its recently announced THAAD (Theater High-Altitude Area Defense) system, management has negotiated deals that
provide long-term payouts instead of more revenue up front. His 12-month price target for the stock falls in the low-$30s, a 30 percent jump from its current level.
Rubel has reservations about Raytheon, because it is still facing challenges associated with its acquisition of the defense operations of Hughes Electronics in 1997.
(Dow Jones)

Schoenes Wochenende

Gatsby

;-))

[Micky_Mouse]

Hy Gatsby,

Also was Lockheed & Raytheon betrifft, sind wir offenbar unterschiedlicher Ansicht. Ist doch auch gut, denn sonst wär`s ja langweilig. Wie ich feststelle, bist Du neuerdings auch für EADS positiv gestimmt (im Gegensatz zu mir).

Leider habe ich mich von Lockheed zu früh getrennt und werde wohl die nächste Zeit nicht mehr günstig reinkommen.

Für Raytheon wurden zur Zeit des Kosovo-Konflikts aber noch 70-80€ bezahlt, ehe durch enttäuschende Unternehmenszahlen der Absturz folgte.
Lockheed Martin steht dagegen schon ziemlich am Top und es werden auch wieder schlechte Zeiten kommen.

Beide Aktien sind etwa gleichauf, wie wäre es daher mit einer kleinen Wette auf mittlere Sicht?

Welche Aktie wird zuerst bei 40 USD notieren?
Mein Tipp: Raytheon Co."B"

[Gatsby2]

Hi Mickey Mouse,

es koennte sein, dass Du die Wette recht kurzfristig gewinnen wirst. (Schnueff, schnueff, denn ich war bei
Raytheon ein wenig zu schnell mit dem Verkauf.)

Aber wo wir uns hier gerade in so trauter Atmosphaere treffen: Deine Ansichten ueber EADS finde ich gar
nicht so abwegig. Deren Investor Relations scheinen ungefaehr so gut zu sein, wie diejenigen bei meiner
derzeit groessten Kapitalvernichtungsmaschine: Pacific Internet.

Allerdings habe ich neulich gehoert, dass es bei Tommy Hilfiger gar nicht so gut aussehen soll. Die haben
zwar das Konzept von Ralph Lauren ganz gut kopiert, aber irgendwie scheinen sie aus der Mode zu kommen.

Vielleicht brauchen wir beide mal was neues. How about Loral?

Gruss

Gatsby

;-))

[Micky_Mouse]

@Gatsby

Loral Space & Communications habe ich da was verpasst, den Laden kenne ich ja (noch) gar nicht?! Coole Homepage, und der Chart sieht auch interessant aus. Vor 3 Wochen waren wir am Tief, da hätte ich gerne zugegriffen, ich werde die Aktie mal im Auge behalten.

Aber vielleicht kann ich Dich auch noch verblüffen: Was hältst Du von Panamsat(NYSE: SPOT), Telaxis (NYSE: TLXS) oder OTG Software (NYSE: OTGS) ?
Zu diesen US- Unternehmen findest Du hier im wo-Board allerdings fast nichts und in Deutschland gibt es kaum Umsätze (ist trotzdem kein Problem mit dem An- und Verkaufen, Kurse werden i.d.R. 2x täglich gestellt). Die Aktien sind teilweise recht volatil, daher limitieren!
Vielleicht poste ich mal zu einem dieser US-Werte..

Was Tommy Hilfiger (NYSE: TOM) betrifft, ist jetzt erst mal Ruhe angesagt, nach 30% Kursplus. Bin aber sehr optimistisch und denke, der Turnaround ist geschafft. Würde auf Sicht von 1 Jahr unbedingt zum Kauf raten.

Was mich derzeit am Aktienkauf stört, ist der schwache €-kurs. Das verteuert die US-Aktien enorm und wenn der € dreht, sind die schönen Kurssteigerungen wieder futsch.

So, hier noch die Kurse "unserer" Aktien:

Lockheed Martin 29,1875 (+2,64%)
Raytheon Co. B 28,75 (+1,32%)

Gruß Micky

[Gatsby2]

Hi Micky,

ich schau mir die Dinger mal an. Satcom (SATC) gehört wohl auch noch in die Gruppe.

Wir scheinen wohl ein recht ähnliches Spiel zu spielen.

Übrigens: Postest Du auch bei Yahoo? Ich firmiere da unter "cashisallthatcounts"

C U later

Gatsby

[Micky_Mouse]

Hy Gatsby !

Bin nur im wo-Board, werde aber mal bei Yahoo reinsehen. Im Neuen Markt-Board sind die Umgangsformen ja teilweise recht krass und nichts für zart Besaitete, das stört mich aber nicht.
Dafür findet man dann auch recht gute Beiträge, auf hohem Niveau- wie dieser hier.

Gute Nacht

P.S.: Wann willst Du denn Lockheed verkaufen bzw. teilverkaufen ?? Zum Ausstieg wird ja nicht geklingelt und an Gewinnen ist noch keiner gestorben!! (Oder ist das Deine Altersvorsorge?)

[Gatsby2]

Hi Micky,

an einen Ausstieg bei Lockheed denke ich noch lange nicht! Die Jungs scheinen den Turnaround voll geschafft
zu haben, so dass die Aktie in meinen Augen eine gerade ideale Kombination von value und growth darstellt.
Vielleicht nicht unbedingt Altersvorsorge, aber es gibt doch einige Aktien, die ich noch vor Lockheed verkaufen
wuerde.

Zum neuen Markt kann ich recht wenig sagen, da ich - ausser Comdirect - keine deutschen Aktien besitze.
Die Informationsbeschaffung ist mir zu schwierig, und solange der Euro eine Weichwaehrung bleibt, gewinne
ich sogar bei neutralen Kursen.

Bonne nuit

:-))

[Gatsby2]

CALP ist m.E. aus zwei Gruenden abgestuerzt: Zum einen waren sie mit US$ 202,-- doch ein wenig ueber-
bewertet, und zum anderen sind sie mit ihrer unmittelbaren Konkurrenz Aclara (NasdaqNM:ACLA) in drei
Prozesse betreffend Patentschutzverletzungen verwickelt. Zwei der drei Prozesse hat CALP allerdings bereits
gewonnen. ... Hotstocks Investor hat Kursziele knapp oberhalb US$ 120,-- im Auge. Die Marktkapitalisierung
laege damit bei knapp US$ 2,5 Mrd., was ich angesichts des zu erwartenden Biotech-Booms fuer, sagen wir
nicht gaenzlich abwegig halte.

;-))

[Micky_Mouse]

@Gatsby

Hier bist Du also, dacht` ich`s mir doch! Caliper scheint mir aber hochriskant zu sein. Es ist nicht meine Sache, auf einen fahrenden Zug aufzuspringen und dem Kurs hinterherzulaufen. Dank meiner Geduld erwische ich viele Aktien früher oder später doch noch., die nächste Korrektur kommt schon noch.

Übrigens hat BOEING z.Zt. wieder mal die Nase vorn gegen LOCKHEED und wird von neuen Pentagon-Aufträgen profitieren.
Auch die Zulieferer HONEYWELL und ROCKWELL sind seit Tagen im Aufwind.

Gruß Micky

(Gatsby, wundere Dich nicht, wenn ich Sendepause mache, ab morgen 10Tage im Urlaub!)

[Gatsby2]

Ja, wo sollte ich denn sonst sein? Hier stoeren wir wenigstens niemand mit "threadfremden" Informationen.

Stimmt - CALP ist ein volatiler Wert. So `ne richtig schoene Zockeraktie halt ...

Und - ja, BA laeuft wirklich mal wieder davon. Seit Anfang der Woche fuehren sie den Dow Jones, und sie
sind auf ihrem all-time-high. Es soll Leute geben, die davon schon nervoes werden:

http://www2.marketwatch.com/pulse/pulseone.asp?source=blq/yh…

LOR macht mich uebrigens ganz krank, denn ich habe sie seit 10 Wochen auf dem Radar, und hatte dann
doch Zweifel. Tja, so geht`s ...

Eh, ich will ja nicht neugierig sein. Aber: wohin geht`s denn? Im Urlaub meine ich

:-))

[Micky_Mouse]

Tja, der Zug ist erstmal abgefahren bei LOR, leider ohne uns. Genauso wie EADS. Bei Rolls Royce bin ich dicht dran, 2,85 wurden schon bezahlt (mein Limit 2,80). Übrigens, die SATCON finde ich vom Chart her nicht so interessant, sind schon gut gelaufen.
P.S.: Meinen Urlaub verbringe ich in der Stadt, wo die Concorde runter kam (P....).

Bis dann, Gruß Micky
Schönes Wochenende

[Gatsby2]

Ach, da war ich letzten Monat auch. Aber nur ueber`s Wochenende. War - wie immer - toll!!

Schoenen Urlaub und viel Spass mit den parisiennes :-))

Gruss

Gatsby

[Gatsby2]

Ha, und es wird auch honoriert! Nach der Jahresinvestorenkonferenz (uebrigens live im Internet) gab es gleich
mal satte 7,6% drauf. Und hier das Filetstueckchen:

Thursday September 21, 3:33 pm Eastern Time

Lockheed says telecom unit could be worth $4 billion

NEW YORK, Sept 21 (Reuters) - The telecommunications unit of defence giant Lockheed Martin Corp. (NYSE:LMT - news)
could be worth $4 billion or more after a planned initial public offering, division head John Sponyoe said Thursday.

The unit could be worth $8 to $11 per Lockheed share, based on the company`s estimates of a public market valuation, Sponyoe
told investors in New York Thursday.

Bethesda, Md.-based Lockheed plans an IPO in the telecommunications division, which includes satellite services, within the next
year to 18 months, Sponyoe said.

The division currently generates little revenue relative to Lockheed`s other operations, but the company sees a sharp growth potential.

Lockheed would probably end up owning about half of the unit after finding a partner to take a stake and then doing the IPO, Sponyoe said.

``Our intent is to find a partner somewhere in the 20-25 percent range and go to market with an IPO sometime a year to 18 months from now, which would further
dilute (Lockheed`s ownership) to somewhere about 50 percent,`` he said.

Lockheed shares gained $2-15/16, to $30-13/16, by Thursday afternoon in trading on the New York Stock Exchange, as the world`s largest military contractor told
its story to a gathering of investors in New York.

[Micky_Mouse]

Mein Maulesel hat Post für Dich hinterlegt!