Just caught some movement in KTOS this week - Kratos Defense took a hit after announcing a pretty substantial capital raise. They're bringing in roughly $1.17 billion through a secondary offering at $84 per share, and the stock tanked about 7% on the news. Currently sitting around $85 on Nasdaq, which is notably down from where it opened earlier in the session.

What caught my eye is how this compares to where the stock has been. Over the past year it's ranged pretty wildly from $25 to $134, so this pullback isn't shocking in that context. The company's planning to use the proceeds for capex, R&D on new products and software, plus they recently acquired Nomad which probably needed some funding.

Seems like a typical secondary offering reaction - dilution concerns hit first, then things usually stabilize. Worth keeping on the radar if you're following defense sector stocks or just tracking how Kratos news develops over the next few weeks.