Lockheed Martin shares drop as Trump targets F-35 boondoggle

posted by
December 12, 2016
Denver Post    
Posted in News, PND News

Lockheed Martin Corp. slumped after President-elect Donald Trump tweeted that costs for the F-35 fighter-jet program, the Pentagon's most expensive weapons system, are 'out of control.' ... Shares of Bethesda, Maryland-based Lockheed dropped 3.6 percent to $250.11 at 9:31 a.m. in New York. Other defense stocks also dropped sharply. ... By targeting Lockheed, Trump took aim at the country's biggest government contractor, whose $379 billion F-35 is intended to be flown by the Air Force, Navy and Marines. Like many complicated military programs, the jet had been plagued by delays and cost overruns. The Pentagon in October said it would need as much as $530 million extra to finish the fighter's development phase. Approving the added funds probably would be the first F-35 decision to reach the desk of the next defense secretary." (12/12/16)


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