He also sliced his ratings on Intel, Analog Devices, Texas Instruments and Nvidia to Sector Perform from Outperform.

FORBES: Chips: RBC Wary; Cuts Ratings On INTC, NVDA, TXN, ADI

Our clients have numerous positions in energy sector stocks and oil-related instruments.

FORBES: Is It Time To Buy Oil?

But under the leadership of industry legend Dennis Picard, the company jettisoned virtually all of its commercial businesses and bulked up on military lines as companies like General Motors and Texas Instruments sought to exit the sector.

FORBES: Enigmatic Raytheon Thrives As Defense Rivals Falter