NEW YORK (TheStreet) -- Northrop Grumman (NOC) - Get Report stock is higher by 6.54% to $192.41 in mid-morning trading on Wednesday, as the company beat a team from Lockheed Martin (LMT)and Boeing (BA)to win a contest to build the Air Force's Long-Range Strike Bomber.

The deal is the Pentagon's biggest contract award in more than a decade, valued at as much as $80 billion if the Air Force purchases all 100 stealth bombers as it plans, Reuters reports. 

The bomber is scheduled to be ready for combat use by 2025, and will be capable of delivering conventional and nuclear weapons, Reuters notes. 

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio commented on Northrop saying: "The new bomber contract that Northrop got - it's huge. Much more than the stock's up. Still an opportunity. A big one. And, the fact that Lockheed Martin's going higher even though it lost the deal? What does that tell you about defense spending?"

Boeing has said that it will "rigorously deliberate whether to protest" the decision, according to Reuters. Such a protest could stall work on the program for 100 days.

"This is disappointing for Lockheed Martin, pretty bad for Boeing, but transformational for Northrop Grumman. They go from being a collection of operating units to a first-tier prime with a strong central core," Richard Aboulafia, an analyst at Teal Group, told Bloomberg. 

Additionally, this morning the global security company reported earnings for the 2015 third quarter of $2.75 per share on revenue of $5.99 billion. Analysts surveyed by Thomson Reuters had forecast for earnings of $2.19 per share on revenue of $5.86 billion. 

TheStreet Recommends

Separately, TheStreet Ratings team rates NORTHROP GRUMMAN CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate NORTHROP GRUMMAN CORP (NOC) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income, notable return on equity, good cash flow from operations and growth in earnings per share. We feel its strengths outweigh the fact that the company shows low profit margins.

You can view the full analysis from the report here: NOC

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