Why Shares of Perspecta Are Plunging Today
Shares of Perspecta (NYSE: PRSP) fell more than 16% on Thursday morning after the government IT contractor lost out on a major contract. The loss is a significant blow to Perspecta that is going to take time to recover from.
On Wednesday after markets closed, the U.S. Navy announced it had awarded Leidos Holdings (NYSE: LDOS) a $7.73 billion contract to modernize and maintain computer networks for the Navy and Marine Corps. Leidos beat out Perspecta, the incumbent IT vendor for the Navy, as well as a bid from the IT arm of defense titan General Dynamics.
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Source Fool.com
