ADVFN - Advanced Financial Network.
HOME» NYSE » L » LMT Stock Price » LMT Stock News

Lockheed Martin Share News

 Lockheed Martin Corp. Stock Price
LMT Stock Price
 Lockheed Martin Corp. Stock Chart
LMT Stock Chart
 Lockheed Martin Corp. Stock News
LMT Stock News
 Lockheed Martin Corp. Company Information
LMT Company Information
 Lockheed Martin Corp. Stock Trades
LMT Stock Trades

Lockheed CEO Warns Pentagon Cuts Could Hit 10,000 Jobs

By Doug Cameron The head of Lockheed Martin Corp. (LMT) on Wednesday estimated that potential U.S. budget cuts could force the country's largest defense contractor to shed some 10,000 jobs, or 8.3% of its workforce. Robert Stevens, Lockheed's outgoing chief executive, said this was "a very rough 'seat of the pants' estimate" based upon the impact of direct Pentagon cuts and their spillover into nondefense work. It was the first time that Lockheed has detailed the potential impact of U.S. cuts that could come into force just before November's general election. U.S. contractors have struggled to define the future size and shape of their businesses due to uncertainty over whether failure to reach a broader agreement on the federal budget will automatically trigger an additional $500 billion reduction in Pentagon spending under the so-called sequestration process. Mr. Stevens's estimate was given in written testimony as he appeared before the House Armed Services Committee with other defense contractors to outline the impact of the looming automatic budget cuts known as sequestration. His forecast was based on a 10% across-the-board cut in Pentagon budgets and an 8% drop in nondefense spending, with Lockheed deriving 60% of its annual revenue from the Pentagon. "We don't know with much precision yet which lines of business, which sites, which contracts, which programs, or which technologies would be affected," said Mr. Stevens in his testimony. Write to Doug Cameron at doug.cameron@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Lockheed Martin (LMT)
DateTimeHeadline
07/30/201510:00:00Lockheed Martin Successfully Tests Design Changes for Orion Spacecraft's...
07/29/201514:00:15Northrop, General Dynamics Beat Expectations
07/29/201510:34:00Lockheed Martin Launches Healthcare Technology Alliance
07/29/201509:40:07General Dynamics Lifts Outlook
07/29/201509:28:41General Dynamics Boosts Outlook
07/28/201505:20:09GKN Upgrades Aerospace Stakes With Fokker Buy
07/24/201510:03:00Lockheed Martin Receives $1.5 Billion Missile Interceptor Deal
07/24/201509:40:04Justice Department Investigating Sikorsky on Overbilling Claims
07/23/201509:08:00Lockheed Martin Receives Additional Electronic Warfare Contract...
07/22/201517:08:07Quarterly Report (10-q)
07/22/201508:30:00AEHF Low Cost Terminal Completes Information Assurance Critical...
07/22/201508:00:00Lockheed Martin Completes Sixth Open Mission Systems Flight
07/20/201520:11:13Lockheed Agrees to Buy Sikorsky For $9 Billion--6th Update
07/20/201510:08:37Lockheed Agrees to Buy Sikorsky For $9 Billion--6th Update
07/20/201509:09:35Lockheed Agrees to Buy Sikorsky For $9 Billion--5th Update
07/20/201509:04:54Current Report Filing (8-k)
07/20/201508:49:17Lockheed Agrees to Buy Sikorsky For $9 Billion--4th Update
07/20/201508:43:15Lockheed Agrees to Buy Sikorsky For $9 Billion--3rd Update
07/20/201508:32:34Lockheed Agrees to Buy Sikorsky For $9 Billion--2nd Update
07/20/201508:30:07Lockheed Agrees to Buy Sikorsky for $9 Billion

Lockheed Martin and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad