Why These Defense Stocks Are Declining This Week

7. Lockheed Martin Corporation (NYSE:LMT)

Weekly Decline: -5.68%

Lockheed Martin Corporation (NYSE:LMT) is one of the largest defense contractors in the world. The company specializes in the research, design, and development of advanced technology systems, products, and services.

It is among the defense stocks that are declining this week. Shares crashed on Friday after Trump picked Boeing over Lockheed Martin Corporation (NYSE:LMT) to build the Pentagon’s next-generation fighter, the F-47, to replace the stealthy F-22 Raptor.

Lockheed Martin Corporation (NYSE:LMT) shared the following in a press release on March 21, to express disappointment with the outcome:

“We are committed to advancing the state of the art in air dominance to ensure America has the most revolutionary systems to counter the rapidly evolving threat environment. While disappointed with this outcome, we are confident we delivered a competitive solution. We will await further discussions with the U.S. Air Force.”