Lockheed Martin Corp (NYSE:LMT) shares are trading lower Wednesday following reports suggesting the Pentagon will order fewer stealth jets than previously planned.
According to a Bloomberg report, citing people familiar with the spending blueprint, the U.S. Defense Department will request 33 fewer F-35 jets from Lockheed, which is well below the anticipated order total.
The Defense Department reportedly planned to request 94 total jets, but now intends to order just 63, which is below the 85 that were allocated in this year's budget.
Lockheed Martin's F-35 is currently being deployed in Europe as a response to Russia’s invasion of Ukraine.
Shares of other aerospace and defense companies are also trading lower Wednesday as the sector pulls back following recent strength amid geopolitical tensions.
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LMT 52-Week Range: $324.22 - $479.99
Lockheed shares were down 6.47% at $419.62 at time of publication.
Photo: courtesy of Lockheed Martin.
