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With most of the stock market crashing and burning around it, local defense supplier Engineered Support Systems has seen its share price double during the past nine months.
Fueled by a steady stream of new contracts, its NASDAQ-traded stock has soared from about $12 a share in March to a close of $26.13 Jan. 10. Over the same nine months, investors slashed the value of the average NASDAQ stock by more than half sending the tech-heavy composite index from a March peak of more than 5,000 to 2,524.18 as of Jan. 10.
Having renounced the uncertain future of dot-com profits, investors are flocking to companies such as Engineered Support, with its documented backlog of orders for $884 million in military gear, ranging from field hospitals that inflate out of the back of a truck in 20 minutes to air filters and electrical generators hardened against chemical or biological attacks. …