Why Lockheed Martin Stock Wilted on Wednesday
Defense sector mainstay Lockheed Martin (NYSE: LMT) joined other industry stocks in trading down on Wednesday, with its share price slumping by almost 5%. The sectorwide rout was due to a new proposal from President Trump that would cancel certain shareholder-pleasing measures from such companies.
On his favored social media site Truth Social, Trump published several posts about his intended moves for the defense industry. In short, he aims to significantly increase this country's defense budget, while encouraging companies to produce more products faster. He also wants to curb dividend payouts and share repurchase programs.
Image source: Getty Images.
Source Fool.com
