Why Palantir Stock Is Plummeting Today
Shares of Palantir Technologies (NASDAQ: PLTR) are trading lower on Monday. The company's stock lost 8.4% as of 11:50 a.m. after losing as much as 11.9% earlier today. The drop comes as the S 500 was flat while the Nasdaq Composite lost 0.4%.
Palantir, which provides AI-driven intelligence to commercial and government clients, is seeing its stock pressured by developments in the Trump Administration's push to cut the Pentagon's budget significantly. On Friday, it was announced that the Department of Defense (DoD) would cut more than 5,000 civilian jobs this week.
The move is the first in what the Pentagon says is a mission to eventually fire 5% to 8% of its civilian workforce. Though many members of the DoD are members of the military, a significant portion are civil servants.
Source Fool.com
