THE GIST Our analysts just identified a stock with the potential to be the next Nvidia.
Tell us how you invest and we’ll show you why it’s our #1 pick
Tap here. European defense stocks sold off after reports that Germany may abandon plans to build six F126 frigates, its largest warship commission since World War II. Rheinmetall took the hardest hit because it was expected to lead the contract.
The move is a reality check for a sector priced on big spending promises that still have to translate into revenue. WHAT HAPPENED Defense stocks fell across Europe after reports said Berlin plans to scrap the F126 frigate program, a multibillion-euro project to build six large warships for the German navy. Rheinmetall dropped as much as 17% in midday trading, putting the stock on track for its worst session in decades.