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The aerospace and defense industries are suffering from a decline in aircraft demand. However, demand for commercial aircraft will eventually rise because 2,900 aircraft in the current fleet are destined for the scrap pile. The turn in demand could happen as soon as 1996 and become strong by the end of the century. Potential investors should choose company stocks with Timeliness ranks of 1 or 2 and realize that any investment in this industry is risky.

The aerospace and defense industries have entered a time of transition, as the US enters a peacetime economy with peacetime prospects for industrial manufacturing. With cuts in defense spending, it is unlikely that the companies can maintain high growth in 1994 and beyond. A number of companies have found buyers for their products overseas, or have switched their manufacturing lines to other products, but most investors should avoid these investments until the industry stabilizes.

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Northrop Corp. this week is expected to begin buying up Grumman Corp. stock at $62 a share to complete its proposed $2.17 billion acquisition of the Long Island, N.Y.-based company. [...]

Aerospace and defense firms showed strong financial performance during the third quarter of 1993, due to cost-cutting efforts and increased operating returns. Martin Marietta Corp, Lockheed Corp, Grumman Corp, Northrop Corp, and Loral Corp posted gains.