Lockheed Martin Shares Plunge 5% Following Trump Tweet

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December 12, 2016 11:36am NYSE:LMT

From Tyler Durden: After running up dramatically post-Trump’s victory, Lockheed Martin (NYSE:LMT) shares are tumbling again this morning after the president-elect tweeted, questioning the costs of the company’s F-35 fighter jet.

The reaction was a swift 5% plunge in the share price…

In Feb., Lockheed Martin said in a filing that “The F-35 program is our largest program, generating 20% of our total consolidated net sales, as well as 59% of Aeronautics’ net sales in 2015”

The tweet appears to have come in response to this story exposing “The Pentagon’s most expensive weapons program”… (via ABC)

U.S. Defense Secretary Ash Carter was visiting Israel Monday as it prepared to receive the first two next-generation F-35 fighter jets that will help preserve the country’s military edge in the volatile Mideast.

The F-35 is the Pentagon’s most expensive weapons program, with an estimated cost of nearly $400 billion. Israel is among a small number of allies to get the plane.

Israeli Defense Minister Avigdor Lieberman said the fighter jets “present another component in maintaining air superiority in our region” and expressed gratitude to Carter, who was welcomed with a military honor guard at a Tel Aviv army base.

The jets were supposed to touch down in Israel in the early afternoon, but the Israeli military said their arrival was delayed due to weather conditions in Italy. Neither U.S. nor Israeli officials provided further details.

First Boeing, now Lockheed Martin… Raytheon next? Maybe the swamp of wasting taxpayer money is being cleaned up after all?

Update: Lockheed has responded, with CEO Jeff Babione noting:

Whoever has it will have the most advanced air force in the world, and that’s why we’re building the F-35. It’s important that the U.S. and our partners have this aircraft. It’s a great value and we look forward to any questions the president-elect may have.

This article is brought to you courtesy of ZeroHedge.

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