Raytheon, a company which manufactures weapons and military as well as commercial electronics, is currently testing on its latest missile product. The new missile product is a laser-guided 155mm artillery shell which adds laser-designation to GPS guidance. This new feature will provide more targeting options and pinpoint the targets precisely while on the move. The name of the new product is Excalibur S.
Excalibur S will have the capability to change course in mid-flight instead of following a parabolic course to hit its target which what other missiles do. It is a comparatively cheap artillery shell which can detect its target which can be located 25 miles (40 kilometers) away.
The video below is showing how a missile works generally. Excalibur S will have the same way of working. It is just that Excalibur S will be more precise and able to work on locations which have low GPS signal as well as moving targets.