Industry Week in Review – January 28, 2011
After experiencing slight gains for the week through Thursday, all three major indices experienced the worst daily drops in months on Friday amid concerns over the political unrest in Egypt. Investors are worried that the situation in Egypt could intensify over the weekend, causing money to be taken off of the table with Egypt bordering the Suez canal, one of the world’s major shipping routes. Top U.S. officials are equally concerned about the political unrest, calling for the Egyptian military to exercise restraint when dealing with the anti-government protests. The U.S. views Egypt as a calming influence on its more volatile Middle East neighbors, and provides Egypt $1.3 billion annually in military assistance, with 30% of the funds devoted to new weapons systems.
This week’s big movers:
- Raytheon Company (Down 5.1%)
- Astronics Corp. (Up 10.3%)
- Dover Corp. (Down 10.8%)
- SRA International Inc. (Up 2.8%)
No relevant transactions this week.