Elon Musk shoots down Lockheed Martin, other F-35 defense stocks
Investors
Tesla (TSLA) CEO Elon Musk, co-head of President-elect Donald Trump's Department of Government Efficiency, ridiculed F-35 fighter jets on his social site X, News.az reports citing Investors.
That hit shares of Lockheed Martin (LMT) and key F-35 contractors Northrop Grumman (NOC) and RTX (RTX).
Elon Musk, in a Sunday post, showed a video of drone swarms, writing, "Meanwhile, some idiots are still building manned fighter jets like the F-35."
Lockheed stock fell 3.75% to 521.89, a four-month low. Northrop stock declined 2.3%, also setting a four-month low and testing the 200-day moving average. RTX sank 1.8%, after hitting resistance at the 50-day line on Friday.
Given his role at the nongovernment advisory board DOGE, Musk's comments about government spending are having a big impact on stocks.
Still, Bernstein analyst Douglas Harned expects defense stocks to do well under Trump.
"We expect Trump to seek a strong defense as he did in his first term, even if he seeks to avoid involvement in overseas conflicts," Harned wrote in a Nov. 25 report.
That hit shares of Lockheed Martin (LMT) and key F-35 contractors Northrop Grumman (NOC) and RTX (RTX).
Elon Musk, in a Sunday post, showed a video of drone swarms, writing, "Meanwhile, some idiots are still building manned fighter jets like the F-35."
Lockheed stock fell 3.75% to 521.89, a four-month low. Northrop stock declined 2.3%, also setting a four-month low and testing the 200-day moving average. RTX sank 1.8%, after hitting resistance at the 50-day line on Friday.
Given his role at the nongovernment advisory board DOGE, Musk's comments about government spending are having a big impact on stocks.
Still, Bernstein analyst Douglas Harned expects defense stocks to do well under Trump.
"We expect Trump to seek a strong defense as he did in his first term, even if he seeks to avoid involvement in overseas conflicts," Harned wrote in a Nov. 25 report.
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