Rheinmetall ($RHM), €803.80, 4.48% lower than the previous day's closing price

Rheinmetall shares fell 4.48% to €803.80 on Xetra, down €37.70 from the prior close of €841.50, extending a slide that began when the German defense contractor cut its 2026 revenue guidance to roughly €13.2 billion from €13.7–14.2 billion during its Q3 earnings release on November 5. The company also trimmed its expected operating margin to about 18.5% from around 19%, and the stock plunged as much as 16.14% intraday on the day of the downgrade. The move matters because Rheinmetall is a bellwether for European defense spending, and the guidance cut signals that margin and top-line expectations baked into the sector's rally may need resetting. Investors will watch whether the revised targets hold through the next quarterly update and how peers across European defense react to the softer outlook.