Boeing Just Beat Northrop Grumman for a $20 Billion Navy Contract

This article first appeared on GuruFocus. Boeing (BA, Financials) won a contract valued at more than $20 billion, beating over Northrop Grumman in a long-anticipated battle to build the U.S. Navy's next-generation fighter jet.The Wall Street Journal reported Wednesday that the Navy granted Boeing a contract to manufacture the aircraft. Boeing shares rose more than 3% in premarket trade on the news.The only other business vying for the deal, Northrop Grumman, swung significantly in the opposite way. Shares plunged more than 3% before markets opened.The contrasting stock changes highlight the enormity of the prize for both defense firms.The contract adds a key military aircraft program to Boeing, whose overall recovery is being examined by investors.