>> Lockheed Martin is the latest stock taken down by a Trump tweet. Shares of the defense contractor falling 2.5% Monday, after President elect Donald Trump blasted its troubled stealth jet program. Tweeting the F-35 program and its cost is out of control. Billions of dollars can and will be saved on military and other purchases after January 20th.
Lockheed responding by saying it realizes there are concerns about the program's spiraling costs and has invested millions of dollars to bring down the jet's price. The defense contractor is supposed to get more than $7 billion to deliver just 90 fighter jets to the US government. Last week Trump targeted Boeing, the marker of the new Airforce one, saying he wanted to cancel the next order for the presidential planes because costs are, quote, out of control.
Trump is trying to make good on his campaign pledges to cut the waste out of government spending, but defense executives and their investors certainly didn't think he was talking about them. Republican administrations tend to favor heavy military contracts, his Twitter attack catching the sector off guard. Besides Lockheed, BAE Systems, Northrop Grumman, Raytheon, and General Dynamics were down as well.
But United Technologies and Boeing shook losses, Boeing actually closing at its highest price on record.