AeroVironment Drops on Army Contract Work Stoppage: Street Wrap

(Updates to add latest trading and additional analyst commentary.)

AeroVironment Inc. shares fell as much as 11%, the most intraday since June, after the US Army issued a stop work order on a $990 million contract following a protest filed with the US Government Accountability Office, or GAO. Raymond James analyst Brian Gesuale lowered his recommendation on the drone company following the announcement to market perform from outperform.

• Protest challenges the Army’s Aug. 27 decision to award an indefinite delivery, indefinite quantity contract with a ceiling value of $990 million on a sole source basis to AeroVironment related to ...