Lockheed Fighter Jet Off Probation (LMT)
Last year the US Defense Department threatened to cancel a portion of its contract with Lockheed Martin Corp. (NYSE: LMT) for the new F-35 jet fighter. The company had failed to address certain technical issues with the F-35B, a plane…
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Last year the US Defense Department threatened to cancel a portion of its contract with Lockheed Martin Corp. (NYSE: LMT) for the new F-35 jet fighter. The company had failed to address certain technical issues with the F-35B, a plane planned for delivery to the Marine Corps.
The company was put on two-year probation, which will be lifted today according to a report in The Wall Street Journal. That’s good news for Lockheed, which has had numerous delays and cost overruns in the $382 billion fighter program.
Lockheed’s shares are down about -0.5% this morning, at $83.32 in a 52-week range of $66.36-$83.71. The company posted a new 52-week high yesterday.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
