Lockheed Martin shares sink after Bloomberg reports Pentagon cuts order

Shares in Lockheed Martin Corp LMT.N down ~5% on Wednesday, on track for its biggest one-day percentage drop since late March after Bloomberg News reported that the Pentagon is scaling back by half its request to Congress for the U.S. Air Force's Lockheed F-35 jets

LMT shares last traded at $452.43 after falling as low as $443.41 on NYSE after report, which Reuters couldn't immediately verify, that a U.S. Defense Department procurement request sent to Capitol Hill sought 24 planes vs 48 forecast last year

Lockheed's F-35 program accounts for around 30% of the company's revenue and it delivered a total of 110 F-35 fighter jets to the United States and its allies in 2024

LMT shares biggest laggard in the S&P 500 industrials index .SPLRCI, up 0.2% and in comparison shares of defense peer Northrop Grumman NOC.N were down about 1% on Wednesday