In his first "Executive Decision" segment of Mad Money Tuesday night, Jim Cramer spoke with Greg Hayes, CEO of Raytheon Technologies (RTX) , the defense contractor that just posted an eight-cents-a-share earnings beat.
Hayes said that it remains a challenging time for aerospace. People don't feel safe on airplanes, he said, despite the chances of contracting Covid-19 being very low. In the meantime, Raytheon is preparing for the return of aviation by cutting costs so they will be ready.
Hayes added that Raytheon continues to invest in defense technologies. He said regardless of who wins the White House the world needs to spend more on defense. The U.S. is losing its edge in some technologies to China and sometimes Russia, and we need to spend more. Hayes said his company is interested in a share buyback program to use some of their $10 billion in cash and increase value for shareholders.
is projecting a downside price target in the $51-$50 area.