Trump asks Boeing to price out a comparable jet to compete with F-35 -- and Lockheed Martin's stock is tanking
Business Insider
By Amanda Macias | Business Insider – Fri, Dec 23, 2016 8:50 PM AEDT
Trump asks Boeing to price out a comparable jet to compete with F-35 -- and Lockheed Martin's stock is tanking
WASHINGTON, DC -- In response to a series of cost overruns and other development issues for the F-35 fighter jet, US President-elect Donald Trump said on Thursday he has asked Boeing to "price-out a comparable F-18 Super Hornet."
Trump's request -- announced via tweet -- came a day after meeting separately with the CEOs from Lockheed Martin and Boeing to discuss bringing the "costs down" on the F-35 fifth-generation stealth jet and the next fleet of presidential aircraft.
On December 12, Trump said the cost for Lockheed Martin's fifth-generation stealth F-35 Lightning II jet was also "out of control." The message sent Lockheed Martin's stock down from $251 at the opening bell to $245.50, before it rebounded to a little more than $253 a share. Shares of Lockheed Martin fell 2.0% to $247.75 after hours, while Boeing shares rose 0.7% to $158.52.
"We're trying to get costs down ... primarily the F-35, we're trying to get the cost down. It's a program that is very, very expensive," Trump said on Wednesday after meeting with Lockheed Martin CEO Marillyn Hewson. Trump said the negotiations with Lockheed Martin were "just beginning" and described it as "a little bit of a dance."
READ MORE: https://au.finance.yahoo.com/news/trump-asks-boeing-price-comparable-095003012.html
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