Lockheed Martin is a global aerospace, defense, security, and advanced technology company that specializes in designing and manufacturing innovative systems, products, and services for government and commercial customers
The company is primarily known for its development of advanced military aircraft, missile defense systems, and space exploration technologies. Lockheed Martin also plays a key role in various programs related to cybersecurity, autonomy, and advanced manufacturing, focusing on fostering technological advancements that enhance national security and support international defense initiatives. Through its various sectors, the company aims to address complex challenges and provide cutting-edge solutions to enhance safety and security for its clients around the world.
Lockheed Martin shares sold off on Friday after it was announced that Boeing was awarded a U.S. Air Force contract to design, build and deliver its next-generation fighter aircraft.
Curious about the top performers within the S&P500 index one hour before the close of the markets on Friday? Dive into the list of today's session's top gainers and losers for a comprehensive overview.
Shares of aerospace and defense company Boeing (NYSE:BA)
jumped 5.7% in the afternoon session after the company announced that it secured the contract to produce the next generation of fighter jets for the U.S. military, successfully outbidding competitor Lockheed Martin. The contract, known as Next Generation Air Dominance, or NGAD, is supposed to help build jets (F-47) that will accompany a future fleet of drone aircraft to protect the US against its adversaries. According to the press release, the contract is worth an estimated $20 billion.
Shares of security and Aerospace company Lockheed Martin (NYSE:LMT)
fell 7% in the afternoon session after the company lost the contract to produce the next generation of fighter jets for the U.S. military, which was awarded to Boeing. The contract, known as Next Generation Air Dominance, or NGAD, is supposed to help build jets ( F-47) that will accompany a future fleet of drone aircraft to protect the US against its adversaries. According to the press release, the contract is worth an estimated $20 billion.
Wall Street remains in the red heading into the end of the week, with major indexes posting modest midday losses in New York, though well off the session’s earlier lows.
Wondering which stocks are making significant price gaps? Explore the S&P500 index on Friday to find the gap up and gap down stocks in today's session.
Defense Secretary Pete Hegseth signed a memo cutting over $580 million in wasteful spending within the Department of Defense. This includes scrapping a major software project and eliminating external consulting contracts. The goal is to allocate taxpayer dollars more effectively to enhance military readiness.
The recently passed CR by Congress gives the Department of Defense an additional $7 billion in funding; here are three defense stocks that are likely to benefit
Over the last six months, Lockheed Martin shares have sunk to $467.55, producing a disappointing 17.3% loss - worse than the S&P 500’s 1.6% drop. This was partly driven by its softer quarterly results and may have investors wondering how to approach the situation.
