Why Lockheed Martin Stock Is Down Today
Wall Street is reacting to last week's news that Lockheed Martin (NYSE: LMT) has lost the battle to produce the Air Force's next-generation fighter. The commentary is putting new pressure on Lockheed Martin shares, sending the stock down about 3% as of 10:30 a.m. ET.Lockheed is the world's largest pure-play defense contractor, and for decades has been the undisputed leader in fighter technologies. The company won the last two major Pentagon fighter competitions, producing what is now called the F-22 Raptor and the F-35 Joint Strike Fighter.But that streak ended on Friday, when the Air Force selected Boeing to produce its sixth-generation fighter. Boeing won an initial $19 billion contract to fund continued research and development of the plane, which could produce upward of $250 billion in revenue for Boeing and its subcontractors in the decades to come.Continue reading
Wall Street is reacting to last week's news that Lockheed Martin (NYSE: LMT) has lost the battle to produce the Air Force's next-generation fighter. The commentary is putting new pressure on Lockheed Martin shares, sending the stock down about 3% as of 10:30 a.m. ET.
Lockheed is the world's largest pure-play defense contractor, and for decades has been the undisputed leader in fighter technologies. The company won the last two major Pentagon fighter competitions, producing what is now called the F-22 Raptor and the F-35 Joint Strike Fighter.
But that streak ended on Friday, when the Air Force selected Boeing to produce its sixth-generation fighter. Boeing won an initial $19 billion contract to fund continued research and development of the plane, which could produce upward of $250 billion in revenue for Boeing and its subcontractors in the decades to come.
