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Hold your fire

20 February 2014 By Olaf Storbeck

Europe’s largest defence contractor spooked shareholders with a gloomy 2014 outlook and a $1.5 bln writedown. As with Rolls-Royce, investors have been slow to price in the effects of lower U.S. military spending. But the reaction – a 9 pct slump in BAE shares – looks overdone.

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