Why These Defense Stocks Are Declining This Week

2. Archer Aviation Inc. (NYSE:ACHR)

Weekly Decline: -16.74%

Archer Aviation Inc. (NYSE:ACHR) is an aerospace company, headquartered in San Jose, California, engaged in the development of eVTOL aircraft. It is also working on a hybrid aircraft platform for the defense market.

The stock surged over the past two weeks after Archer Aviation Inc. (NYSE:ACHR) announced it had formed a strategic partnership with Palantir Technologies to build the next-gen aviation software that utilizes artificial intelligence to improve air traffic control, route planning, and movement control.

On March 27, Ethiopian Airlines signed an agreement with Archer Aviation Inc. (NYSE:ACHR) to deploy a fleet of Midnight aircraft under the ‘Launch Edition’ program, valued at $30 million. Despite the positive development, shares fell sharply last week, likely due to a market correction to offset the gains made earlier this month.