Lockheed Stocks on the Rise Since Last Minute Contract

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.
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Lockheed Stocks on the Rise Since Last Minute Contract
President of Lockheed Martin Aeronautics Company, Dain Hancock after the company won their first contract to build the Joint Strike Fighter in 2001. (Ronald Martinez/Getty Images)
3/1/2013
Updated:
10/1/2015
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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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