Shares of Lockheed Martin (LMT) are down $11.99, or 3%, to $414.53 in afternoon trading after Reuters reported earlier that President Biden is seeking an 18% reduction in the number of Lockheed F-35 aircraft the Pentagon purchases in 2025 after Congress’ cap on the size of the upcoming defense budget compelled the White House to find new cuts. Shares of Northrop Grumman (NOC) are also down about 1% to $443.34 following the report.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on LMT:
- Dutch court orders halt of delivery of F-35 parts to Israel, Al-Jazeera says
- Lockheed Martin awarded $193.79M Navy contract modification
- Lockheed Martin awarded $150.56M Navy contract modification
- Defense contractors passing on some big deals, WSJ reports
- Lockheed Martin Issues $2 Billion in Senior Notes
