Lockheed Martin Stock Plummets: What Happened?
Lockheed Martin's stock fell 4.2% despite stronger-than-expected quarterly results, as the company's mixed outlook for 2024 and concerns over potential delays in the first deliveries of its next-gen F-35 fighter jets weighed on investor sentiment. The company reported a solid end to 2023 with increased earnings and backlog, but issued guidance for 2024 that fell below Wall Street's estimates. The stock's decline reflects likely incremental delays for one of its core programs, despite Lockheed Martin's status as a profitable industry leader with a healthy dividend yield.