Boeing Co (BA) will offer a "lower cost, resilient" solution as it competes with defending winner Lockheed Martin Corp (LMT) for an Air Force contract for as many as 22 new Global Positioning System III satellites, Bloomberg reported.

The Air Force is holding an "industry day" July 20 to solicit information from the two companies about their final proposals. The winner will get a multi-billion-dollar contract to finish out the second phase of a GPS project started in 2008.

Lockheed won the 2008 contract and built 10 of the planned 32 satellites. But cost, schedule and performance problems with the first satellite caused the Air Force to reopen the competition. The winner of the second phase of the contract will start building in 2018.

Boeing stock was slightly down on Thursday morning, and Lockheed stock traded slightly up.

What's Hot On TheStreet

How can we argue with this one: Shark Tank Star Kevin O'Leary is more fond of Tesla's (TSLA) product than its stock.

"At some point it has to fall to gravity," he said told TheStreet's Scott Gamm in an interview. "It's been trading on a different planet for years and now it has to trade on Earth." Amen.

Relax Apple stock bulls: For now, reports suggest a moderate delay in the Apple (AAPL) iPhone 8 ramp, rather than something more severe points out TheStreet's Eric Jhonsa. So far, the market has shrugged off concerns on a possible delayed iPhone 8 release (as in it misses the holiday launch window). But it's worthwhile to keep something in mind: Apple shares have lagged the S&P 500 over the past month, so some doubt may be trickling into the bull camp.

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