Editorial companion

What stands out

Thursday's earnings skirmish sent defense stocks and airlines in opposite directions, with Lockheed Martin jumping as investors sought defense exposure while Southwest Airlines slumped after a report that flagged rising fuel pressures. Schwab Network’s morning roundup captured the split between a defense stalwart and a beaten-up airline, and it reminds investors that headlines still move prices sharply even when the accounting tells a more muted story. For disciplined readers, it’s a quick case study in narrative versus the numbers.