Why Lockheed Martin Shares Plunged Today

Shares of major defense contractor Lockheed Martin (LMT -6.12%) fell hard on Friday, down 7% as of 12:31 p.m. EDT on Friday.Lockheed shareholders received the unfortunate news that the Trump administration has chosen rival Boeing (BA 4.24%) to produce the military's next-generation fighter plane.Lockheed loses outOn Friday, the Trump administration announced it had awarded Boeing the $20 billion initial contract to produce the F-47, the sixth-generation fighter jet for the U.S. Department of Defense. It was ...