Stock Movers Lockheed Martin Rises, Occidental Petroleum Gains, Norwegian Cruise Lines Falls on Negative Forecast
Mar 2, 2026
Markets react to renewed Middle East conflict as defense stocks climb on heightened tensions. Energy names rally with oil prices after strikes and shipping route risks are discussed. A major cruise line tumbles after forecasting weaker-than-expected yields and admitting strategy execution problems.
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Lockheed Martin Benefits From Middle East Tensions
- Defense stocks rallied on renewed Middle East conflict as investors favor air and sea platforms that Lockheed Martin supplies.
- Bloomberg Intelligence notes stealth fighters and air defense spending, with Congress adding $3 billion bringing air defense budget to $40.8 billion.
Occidental Stock Boosted By Higher Oil And Credit Upgrade
- Occidental Petroleum shares rose as oil prices climbed after U.S. and Israeli strikes expanded the Middle East conflict.
- Fitch upgraded OXY to BBB, citing execution of its 2026 debt reduction plan and about $700 million of expected debt cuts.
Norwegian Cruise Shares Drop After Execution Missteps
- Norwegian Cruise saw shares plunge over 9% after forecasting flat net yields and lower-than-expected full-year EPS of $2.38.
- CEO John Chidsey blamed execution and cross-functional alignment despite a sound strategy.