Group 1 - Lockheed Martin's stock dropped nearly 6% to $448.70, extending weekly losses to over 7% due to concerns over the F-35 fighter jet program's future momentum [1][3] - The U.S. Air Force plans to cut its F-35 jet orders from 48 to just 24 jets in the upcoming fiscal year, as reported in a Department of Defense procurement document [3][4] - The proposed budget allocates $3.5 billion for the F-35 aircraft, a decrease from previous levels, and includes cuts to the Navy's F-35 carrier variant and the Marine Corps [4] Group 2 - Production of the F-35 has been slowed by delays in a key technology upgrade, with CFO Evan Scott indicating a finalized contract is expected in the second half of the year [5] - Lockheed Martin had previously projected two major contracts, with one anticipated in the first half of 2024 and another by the end of 2025 [5] - The defense sector is preparing for potential budget cuts under the Trump administration, with the Pentagon planning to reduce military spending by 8% over the next five years [6]