GeoEye shares drop with latest Enhanced View twist

Earlier this week, GeoEye shares fell 22 percent because the National Geospatial-Intelligence Agency (NGA) said it wasn't guaranteeing $119 million in earth-imaging contracts extending through August 2013. NGA did say, however, that it planned to exercise a three-month option valued at about $40 million million through November, reports Bloomberg.

In a call with investors earlier this week, GeoEye CEO Matthew O'Connell said he didn't expect that the company's key EnhancedView satellite program with NGA to be "significantly affected" to to what Bloomberg said were "positive signals" about Congress restoring funding.

The Enhanced View program contract is worth $3.8 billion to GeoEye. DigitialGlobe gets a similar amount from NGA for its imagery, about $3.5 billion. NGA made no mention of its contract with DigitalGlobe in its announcement about GeoEye.

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