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Lockheed Martin (LMT) Stock Up, Wins $490 Million Aegis Contract

NEW YORK (TheStreet) -- Shares of Lockheed Martin (LMT) were climbing mid-Monday afternoon after the company won a $490 million contract to bring integrated air and missile defense (IAMD) capabilities to the global Aegis fleet, according to a company statement.

Lockheed has secured the contract to bring ballistic missile defense to the latest U.S., Korean and Japanese destroyers. The company will produce one destroyer for the U.S., three for South Korea and two for Japan.

The new contract comes after a successful joint missile defense exercise...