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Lockheed Martin (LMT) shares ended the last trading session 8.9% higher at $436.53. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.3% loss over the past four weeks.

The recent attack made by Palestine’s Hamas group on Israel and the following retaliatory strike from the Israeli military in Gaza has once again created a war zone the Middle East. Such conflicts tend to boost investors’ confidence in weapons manufacturers, which in turn must have resulted in the latest uptick in LMT’s share price.

This aerospace and defense company is expected to post quarterly earnings of $6.67 per share in its upcoming report, which represents a year-over-year change of -2.9%. Revenues are expected to be $16.66 billion, up 0.5% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Lockheed, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on LMT going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Lockheed is part of the Zacks Aerospace - Defense industry. Spire Global, Inc. (SPIR), another stock in the same industry, closed the last trading session 1.2% lower at $4.07. SPIR has returned -23.7% in the past month.

Spire Global, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.77. Compared to the company's year-ago EPS, this represents a change of +19.8%. Spire Global, Inc. currently boasts a Zacks Rank of #3 (Hold).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.