Shares of security and Aerospace company Lockheed Martin (NYSE:LMT)
fell 5.1% in the afternoon session after the U.S. Air Force significantly cut its request for F-35 fighter jets. The Air Force, Lockheed's largest customer, reduced its forecasted order from 48 planes to 24. This unexpected cut raises concerns about future revenue growth from the F-35 line, and may prompt investors to reassess their expectations.
U.S. stocks ticked higher at midday Wednesday, buoyed by signs of progress in U.S.-China trade negotiations and cooler-than-expected inflation data, both of which supported risk appetite.
Wondering which stocks are making significant price gaps? Explore the S&P500 index on Wednesday to find the gap up and gap down stocks in today's session.
Let's have a look at what is happening on the US markets before the opening bell on Wednesday. Below you can find the top S&P500 gainers and losers in today's pre-market session.
The Pentagon slashed its Air Force F-35 fighter jet request from 48 to 24 aircraft, delivering a significant blow to Lockheed Martin Corp. (NYSE: LMT) amid sweeping defense budget cuts.
Wall Street has issued downbeat forecasts for the stocks in this article.
These predictions are rare - financial institutions typically hesitate to say bad things about a company because it can jeopardize their other revenue-generating business lines like M&A advisory.
