Trump Tweet Sends Lockheed Martin Corporation (LMT) Stock Tumbling

Trump is critical of the F-35 program

Lockheed Martin Corporation (NYSE:LMT) stock was down on Monday following a Tweet from President-elect Donald Trump.

Lockheed Martin Corporation, LMT stock“The F-35 program and cost is out of control,” Doanld Trump said on Twitter Inc (NYSE:TWTR). “Billions of dollars can and will be saved on military (and other) purchases after January 20th.”

Lockheed Martin Corporation is the maker of F-35 aircraft that Donald Trump speaks about in his Tweet. The company makes several other weapons for the United States military. This includes other aircraft, missiles and more.

Lockheed Martin Corporation has been facing criticism over its F-35 program. It has an estimated price tag of $400 billion. LMT is promising to reduce the cost of the aircraft by 70% from its oirignal estiamtes. This will have them costing $85 million. The pentagon is currently paying $102 million for each of the jets.

Lockheed Martin Corporation is currently developing three different variants of the F-35 for use by the United States and its allies. Despite criticisms of the program, the United States’ Marine Corps and Air Force, as well as six other countries, are already using them, reports Reuters.

Lockheed Martin Corporation isn’t the only company that Donald Trump has targeted on Twitter. He also recently took a shot at Boeing Co (NYSE:BA) over the price of its new Air Force One. He claims that the cost were out of control and that BA was planning to spend over $4 billion on the jet.

LMT stock was down 3% as of Monday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/12/lockheed-martin-corporation-lmt-stock/.

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