Why Lockheed Martin Shares Plunged Today
Shares of major defense contractor Lockheed Martin (NYSE: LMT) fell hard on Friday, down 7% as of 12:31 p.m. EDT on Friday.
Lockheed shareholders received the unfortunate news that the Trump administration has chosen rival (NYSE: BA) to produce the military's next-generation fighter plane.
On Friday, the Trump administration announced it had awarded Boeing the $20 billion initial contract to produce the F-47, the sixth-generation fighter jet for the U.S. Department of Defense. It was a big upset for Lockheed Martin, which had been the favorite to win the contract among analysts. Lockheed is the manufacturer of the fifth-generation fighter jet, the F-35, for which it won the contract back in 2001 and which it began producing in 2006. Lockheed also produces the older F-22.
Source Fool.com
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