Lockheed Martin Corp. won another contract to build F-35 fighter jets just hours before the U.S budget cuts, known as sequestration, were set to take effect Mar. 1.
The F-35 program is one of the Department of Defense’s (DOD) most expensive programs. The contract awarded last night, worth $333.7 million, was the eighth of its kind.
Shares in Lockheed Martin Corp. (NYSE:LMT) have been on the rise since the award. Starting out the day at $87.75, shares dropped to $87.09 before rising to the day’s high of $88.37 at 12:30pm.
This represents a small gain when compared to the 52 week high of $96.06.
Defense stocks have been relatively stable recently despite the impending sequestration, according to The Wall Street Journal’s, MarketWatch.com.
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