On July 2, L3Harris Technologies rose 3.05% in regular trading, trading at $302.13/share, with turnover of $21.51 million.
The stock's advance was driven by the approaching IPO of its missile business unit Axyv. The company previously selected JPMorgan Chase and Morgan Stanley to lead the offering, which could raise as much as $2 billion and is expected to list as soon as this month. L3Harris confidentially filed a draft S-1 with the SEC in late April and completed a $1 billion Department of Defense investment involving convertible preferred securities that will transition into common equity following the IPO. The company plans to retain majority ownership of over 80% in the new entity.
The broader Aerospace and Defense sector provided additional tailwinds, with AeroVironment surging 13.91%, Boeing gaining 3.85%, and Rocket Lab rising 5.66%. The Axyv spin-off is expected to unlock valuation upside for L3Harris, whose Q1 results showed missile solutions revenue climbing 18% year-over-year to $990 million.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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