Navy May Scale Back Submarine Purchases
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The Navy cut two nuclear submarines from its proposed purchases for 2005-09, a decision that will cost General Dynamics Corp. and Northrop Grumman Corp. about $3 billion, government officials familiar with the matter said.
The Navy will buy one Virginia class sub in 2007 and one in 2008 under the revised plan, half the number previously projected, said the officials, who asked not to be named.
Shares of Falls Church, Va.-based General Dynamics fell $1.10 to $79.90 and Century City-based Northrop dropped 25 cents to $92.81. Both trade on the New York Stock Exchange.
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