Congressman acquires RTX shares weeks prior to Raytheon being granted a $3.3B missile contract
Swannie Sly's Spicy Take:
Josh Gottheimer's Fishy Raytheon Stock Move
Our rat fork caught a whiff of a shady move by good ol' Rep. Josh Gottheimer. The sneaky SOB dropped a cool $15k on Raytheon (RTX) stock on April 24, a full three weeks before a whopping $2.1 billion contract upgrade was made known to the public!
Now, sideways shuffling RTX shares as a member of the Foreign Affairs committee? That's pretty par for the course. But the timing of this particular promenade? Well, that's got us raising an eyebrow!
RTX's Atomic Dog Moment
The Missile Defense Agency initially dished out a $1.2 billion contract to Raytheon, but by May 12, they bumped it up to a jaw-dropping $3.3 billion! That's right, baby, double the dough for the defense behemoth!
In exchange for this windfall, ol' Raytheon's gonna whip up some Standard Missile-3 Block variations for the Yanks and foreign partners under the deal's terms.
Stay plugged into US Congress's stock swapping
Wanna keep your finger on the pulse of the market movers amongst the US Congress? Well, lucky you, because our site's Congressional trading radar's gonna do all the dirty work for ya. It'll notify you immediately about their latest stock shenanigans!
So it's like this, Gottheimer got himself a piece of the RTX action on April 24, with shares languishing at $113.75. Two days later, those bad boys jumped to $121.97. By the time the contract announcement hit on May 12, RTX stocks scampered away with a 7.04% surge, and they ain't looking back! As of May 16th's pre-market chaos, they've added another 4.81%, and they're now trading at $136.84 — that's a 12.19% capital gain thanks to our man Gottheimer!
Now, some might call that a lucky break, but with the stock market, it's not about timing; it's about knowing when to pull the trigger. In this case, it seems ol' Josh got himself a pretty lucrative payday!
But, before we unleash the hounds on Gottheimer, let's remember the step one, y'all: money talks, but it don't whistle. An investor buying a stock before a positive announcement does not necessarily mean insider trading, especially if they didn't have access to non-public information about the contract increase at the time.
That's the long and short of it. So keep a keen eye on those Capitol swappers, and remember: when the chips are down, gotta play the odds!
Featured Image Credit: Shuttershock, because who doesn't wanna see a fiery missile for their dollar?
The mining industry and finance world might find Gottheimer's recent investment intriguing, as he purchased shares in Raytheon, an aerospace and defense company, just days before an unexpected $2.1 billion contract upgrade was announced. Meanwhile, the ongoing business of monitoring US Congress' stock trading activities could uncover more such instances, offering insights for those involved in various sectors, including mining, finance, aerospace, and beyond.
