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NWQWM Morning Financial Report

Defense stocks rose as the conflict between Russia and Ukraine continued and European countries pledged to spend more on defense.  Lockheed Martin, Northrop Grumman, Raytheon, and General Dynamics all rose between 3% and 8% on the news. 

Portland based industrial manufacturer Precision Castparts Corp. recorded just $6.5 billion in sales last year, down 11.6% and the weakest performance since 2011. That’s according to financial results released by its parent company, Berkshire Hathaway.  Pretax profits were up nearly 80%, because of “actions taken by management to resize, restructure and improve operations and to prepare for more normalized demand.”  Precision Castparts eliminated more than 13,000 jobs worldwide in 2020 as sales tanked.  Precision Castparts makes heavy metal components for aircraft, generators and other heavy industry. It was Oregon’s second-most-valuable company at the time of their $37 billion sale in 2016.

Superyachts owned by Russian billionaires who have ties to Putin are on the move as the United States and its allies prepare further sanctions on their property.  The property of targeted Russian executives is likely to take another hit, as the Biden administration recently announced the creation of a taskforce that will take aim at their lucrative assets, including yachts and mansions. France is also putting together a list of properties owned by Russian oligarchs, including cars and yachts, that could be seized under sanctions by the European Union.
 

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