Lockheed Martin Stock Drops After Announcing New Low-Cost Missile Product
Lockheed Martin (NYSE: LMT) stock dropped more than 4% in early trading on Tuesday after the company announced a new low-cost PAC-3 ACE Patriot missile. Investors interpreted this as potentially threatening profit margins, though losses later moderated to around 0.8%. The product is expected to cost $2.5 million per unit compared to its predecessor's higher price.
Topics: defense missile technology profit margins