A Northrop Co Pilot?

The once high-flying Northrop Grumman (NOC), fourth-largest U.S. maker of weapons and aircraft--including the B-2 Stealth bomber--is flat on its back. The stock is at its 52-week low of 54 and down from 75 in mid-July. An aborted merger last year with Lockheed Martin, production woes, and lack of new sources of revenue have caused investors to bail out. But not everyone has given up on the company. Some big investors think Northrop is now an enticing value play, and some analysts think it's on the way to a turnaround. Plus Northrop is one of the few aerospace companies still attractive to European aircraft outfits--and to larger U.S. companies with interests in aircraft and defense electronics systems.

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