Lockheed Martin (NYSE:LMT) Shares Down 2.4% - Here's What Happened
Lockheed Martin's stock price fell 2.4% on Friday to close at $450.75.
The decline was likely due to a combination of factors such as rising interest rates, the war in Ukraine, and supply chain disruptions.Lockheed Martin is a global security and aerospace company with a diversified portfolio of products and services. The company's businesses include aeronautics, space, defence systems, and information technology.
Lockheed Martin is a major player in the defence industry and its products are used by militaries around the world.
The company's stock price has been on a steady upward trend in recent years, but it has come under pressure in recent months due to the aforementioned factors.Rising interest rates make it more expensive for companies to borrow money, which can lead to lower profits. The war in Ukraine has also created uncertainty in the markets and has led to increased volatility in stock prices. Supply chain disruptions have also been a problem for Lockheed Martin and other companies in recent months.
Despite the recent decline in its stock price, Lockheed Martin remains a strong company with a solid foundation.
The company has a long history of innovation and is well-positioned to benefit from the growing demand for defence products and services.In addition to the aforementioned factors, Lockheed Martin's stock price may also have been affected by the company's recent earnings report. The company reported earnings per share of $6.06 for the fourth quarter of 2022, which was below analysts' expectations. The company also said that it expects earnings per share to be in the range of $27.25 to $28.25 for 2023, which was also below analysts' expectations.
