Shares of Lockheed Martin Corp. dropped 2.1% in morning trade Friday, after President-elect Donald Trump once again criticized the cost overruns of Lockheed’s F-35 stealth fighter program in a tweet late Thursday. The stock was down as much as 1.8% in intraday trade before bouncing slightly. On Dec. 12, the stock had slumped 2.5% after Trump tweeted that the F-35 program cost was “out of control.” Analyst Robert Stallard at Vertical Research Partners said the F-35 program “has been on schedule and on budget” since 2011. Meanwhile, Boeing Co.’s stock fell 0.4% Trump’s tweet said he asked the company to price-out a comparable F-18 Super Hornet. “Unless the rules of physics have changed, you cannot make a non-stealthy two-engined carrier-based aircraft from the 1980s into a single-engine, multi-role stealth fighter from the 2000s,” Stallard wrote in a note to clients. On Dec. 7, Boeing’s stock had inched higher after a Trump tweeted that costs for Boeing’s Air Force One program were “out of control.” Lockheed shares have climbed 14% year to date and Boeing’s stock has gained 8.4%, while the S&P 500 has rallied 11%.
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