Lockheed Martin shares sank as much as 7% after a report that the Pentagon is halving F-35 requests for the Air Force

Group 1 - Lockheed Martin shares fell by as much as 7% after the Pentagon requested only 24 F-35s for the Air Force, a significant reduction from the previously projected 48 [1][2] - The Pentagon's request also included 12 F-35s for the Navy and 11 for the Marine Corps, down from 17 and 13 respectively [2] - The U.S. is Lockheed Martin's largest customer for the F-35, with plans to purchase a total of 2,456 aircraft over several decades, including 1,763 for the Air Force [3] Group 2 - A Lockheed Martin spokesperson emphasized the F-35's advanced capabilities and affordability, stating the company will work closely with the Administration and Congress during the budget process [4] - Congress has the potential to alter the Pentagon's reduced request, as lawmakers have previously funded more F-35s than initially requested [5] - The Pentagon's budget shift may reflect a reallocation of spending priorities, with Defense Secretary Pete Hegseth calling for an 8% cut in existing programs [6] Group 3 - Criticism of the F-35 program has emerged from some political circles, questioning its cost and relevance in light of rising drone warfare [7] - Lockheed Martin's CEO expressed intentions to enhance the F-35 using technology developed for a failed bid to produce a next-generation fighter, aiming to provide similar capabilities at a lower cost [8]