Why Palantir Stock Plummeted Today

Shares of Palantir Technologies (PLTR -10.08%) fell on Wednesday. The company's stock lost 10.1% as of market close and lost as much as 12.9% earlier in the day. The drop comes as the S&P 500 (^GSPC 0.24%) gained 0.2%, and the Nasdaq Composite (^IXIC 0.07%) was flat.Palantir's stock was hit hard by news that the Trump administration intends to cut defense spending, as well as news that CEO Alex Karp was selling $1.1 billion in stock.Pentagon budget cuts are loomingThe Trump administration has ordered the Pe ...