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Update: Equity Markets Fall Intraday as Brent Crosses $100; Alphabet, Tesla Tumble
US Markets

Update: Equity Markets Fall Intraday as Brent Crosses $100; Alphabet, Tesla Tumble

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday, weighed down by post-earnings selloffs in Alphabet (GOOG, GOOGL) and Tesla (TSLA) shares, while a widening Middle East conflict sent Brent crude above $100 a barrel.The Nasdaq Composite was down 2.1% at 25,160.8 after midday Thursday, while the S&P 500 fell 1.2% to 7,411.4. The Dow Jones Industrial Average dipped 0.9% to 51,747.98. Among sectors, consumer discretionary and communication services saw the steepest declines, both shedding more than 4%, while industrials paced the gainers.Alphabet's class A shares were down 6.3% intraday, the worst performer on the Dow, while its class C shares slumped 6.2%. Late Wednesday, the Google parent raised its 2026 capital expenditure guidance as it reported stronger-than-expected revenue for the second quarter amid a surge in the Google cloud segment's sales.Tesla's stock slumped nearly 14% intraday, the steepest decline on the S&P 500. Late Wednesday, the electric vehicle manufacturer reported an unexpected year-over-year decline in its second-quarter earnings, weighed down by higher operating expenses.Brent futures were trading 7.2% higher at $100.85 a barrel, after rising to as high as $101.20 earlier in the day. The global benchmark crossed the $100 level for the first time since May. West Texas Intermediate crude jumped 6.8% to $92.74.US gas prices hit an average $4.091 per gallon on Thursday, up from $3.943 a week ago, according to data from AAA, a travel organization that tracks fuel prices in the country.The Iran-backed Houthi militants in Yemen reportedly claimed attacks on two Saudi Arabian oil tankers in the Red Sea.US President Donald Trump threatened "major military punishment" against Iran if its Houthi proxy continues attacking ships, according to his social media post on Thursday. The US Central Command said Wednesday it struck Iran for the 12th consecutive night.Treasury yields were higher intraday, with the two-year rate rising 5.3 basis points to 4.36% and the 10-year rate rising 4.2 basis points to 4.7%."Rising oil prices have revived talk of a (Federal Reserve) rate hike, with rates markets now beginning to treat next week's (Federal Open Market Committee) meeting as a live decision after the 10-year yield pushed back toward its year-to-date high," Saxo Bank said in a report Thursday.The probability that the Fed will leave its benchmark lending rate unchanged next week fell to 64% Thursday from 88% a week earlier, according to the CME FedWatch tool. The odds of a quarter-percentage-point increase rose about 36% from 12%.Elsewhere in the corporate sector, RTX (RTX) and Lockheed Martin (LMT) raised their full-year guidance after both defense contractors reported second-quarter results above Wall Street's expectations. Lockheed was up 9.1% intraday, while RTX advanced 7.2%, both among the biggest gainers on the S&P 500.Gold fell 2.4% to $4,053.90 per troy ounce, while silver lost 3.7% to $58.10 per ounce.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$LMT$RTX$TSLA
RTX, Lockheed Martin Raise Outlook Amid Strong Second Quarter, Record Backlog
US Markets

RTX, Lockheed Martin Raise Outlook Amid Strong Second Quarter, Record Backlog

RTX (RTX) and Lockheed Martin (LMT) raised their full-year guidance after both defense contractors reported second-quarter results above Wall Street's expectations, lifting their shares in Thursday trading.RTX now projects adjusted per-share earnings of $7.10 to $7.25 for 2026, up from the previous $6.70 to $6.90 range. Full-year adjusted sales are now pegged at $95 billion to $96 billion, compared with the prior outlook of $92.5 billion to $93.5 billion. Analysts in a FactSet survey are looking for non-GAAP EPS of $6.95 and sales of $94.21 billion.For the June quarter, RTX's adjusted EPS rose to $1.89 from $1.56 a year earlier, exceeding the FactSet-polled consensus of $1.66. Revenue surged 14% to $24.71 billion, while the Street expected $22.89 billion.Shares of RTX were up 7.5% intraday Thursday, taking year-to-date gains to 14%."Based on our first-half execution and the demand strength we're seeing across our commercial and defense markets, we're raising our full-year outlook for adjusted sales, EPS and free cash flow," Chief Executive Chris Calio said during an earnings conference call, according to a FactSet transcript.All three RTX business segments -- Raytheon defense solutions, Pratt & Whitney, and Collins Aerospace -- delivered higher sales year over year. The company's backlog reached a record $289 billion, up 22% year over year, Calio told analysts.Separately, Lockheed Martin said it now expects 2026 EPS of $29.95 to $30.65, up from the most recent outlook of $29.35 to $30.25. Full-year sales are now estimated at $79.75 billion to $81.75 billion, compared with $77.50 billion to $80 billion previously expected. Analysts are looking for EPS of $29.88 and sales of $79.17 billion.Lockheed Martin reported EPS of $7.94 for the second quarter, more than five times the $1.46 reported for the prior-year quarter and surpassing the consensus of $7.19. Sales jumped 11% to $20.06 billion, while the Street projected $19.34 billion.Lockheed said its backlog surged to an all-time high of $230.42 billion at the end of the second quarter from $193.62 billion at the end of 2025. The company's shares were advancing by 11% in Thursday trade, and are now up about 18% so far this year.Second-quarter revenue in the aeronautics division rose to $8.11 billion from $7.42 billion a year earlier, while the rotary and mission systems business jumped to $4.35 billion from nearly $4 billion. Both the missiles and fire control and space segments also posted gains."We are raising our 2026 guidance, reflecting our confidence that our strategy is gaining momentum, and we will continue to produce sustained profitable growth over the next few years," CEO Jim Taiclet told analysts in an earnings call, according to a FactSet transcript.On Tuesday, aerospace and defense technology provider Northrop Grumman (NOC) raised its full-year guidance as strong second-quarter orders pushed its backlog to a record high.Price: $209.42, Change: $+14.54, Percent Change: +7.46%

$LMT$RTX
Asia Markets

Update: US Equity Futures Drop Pre-Bell as Mid-East Conflict Expands to Potentially Include Red Sea

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Thursday as traders considered the possibility of the Middle East conflict spreading to a new front in the Red Sea, lifting oil prices closer to the $100 mark.Dow Jones Industrial Average futures were 0.6% lower, S&P 500 futures were down 0.8%, and Nasdaq futures were 1.1% lower.The US launched attacks on Iran for the 12th consecutive day, US Central Command said in a post on X. Iran-backed Houthis in Yemen have claimed they attacked two Saudi Arabian oil tankers in the Red Sea for allegedly violating their announced blockade, in a potential new front for the war, according to multiple media reports.Alphabet's (GOOG, GOOGL) Google posted higher earnings and revenue for Q2, but the company's stock dropped 5% in premarket activity as it increased its forecasted capital expenditures to as high as $205 billion.Intel (INTC) is is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $0.22 per share on revenue of $14.44 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 5.5% at $99.27 per barrel and US West Texas Intermediate crude 4.3% higher at $90.55 per barrel.Initial jobless claims dropped to 187,000 in the week ended July 18 from 209,000 in the previous week, compared with expectations for an increase to 210,000 in a survey compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended 1.3% higher, and China's Shanghai Composite finished 0.3% higher. Meanwhile, the UK's FTSE 100 was down 0.5%, and Germany's DAX index was 0.8% lower in Europe's early afternoon session.In equities, Tesla (TSLA) shares fell 7.6% after the company reported an unexpected year-over-year decline in its Q2 earnings and missing analysts' consensus estimates. T-Mobile US (TMUS) stock was down 5.7% after the company posted lower-than expected Q2 revenue. Texas Instruments (TXN) shares were 4.7% lower despite the company reporting higher Q2 earnings and revenue.On the winning side, RTX (RTX) stock was up 5.9% after the company surpassed consensus estimates for Q2 adjusted earnings and net sales. Thermo Fisher Scientific (TMO) shares rose 5% after the company reported better-than-expected fiscal Q2 adjusted earnings and revenue. Lockheed Martin (LMT) stock was 4.9% higher after the company posted a Q2 beat for earnings and sales, as well as increased its 2026 EPS outlook.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$INTC$LMT$RTX$TMO$TMUS$TSLA$TXN
Stocks Fall Pre-Bell Amid Rising Middle East Tensions; Traders Parse Alphabet, Tesla Results
US Markets

Stocks Fall Pre-Bell Amid Rising Middle East Tensions; Traders Parse Alphabet, Tesla Results

US equity markets were tracking in the red before the opening bell Thursday and oil prices rose amid escalating tensions in the Middle East, while investors digest the latest financial results of Alphabet (GOOG, GOOGL) and Tesla (TSLA).The S&P 500 and the Dow Jones Industrial Average declined 0.2% each in premarket activity, while the Nasdaq was off 0.3%. The indexes ended the previous trading session mostly down.The Iran-backed Houthi militants in Yemen reportedly claimed attacks on two Saudi Arabian oil tankers in the Red Sea on Wednesday, raising concerns that the conflict could spread to a new front in the Middle East, CNBC reported. The UK Maritime Trade Operations said Wednesday that an "unknown projectile" struck a Saudi Arabian oil tanker around 70 nautical miles southwest of Al Shuqaiq, Saudi Arabia.West Texas Intermediate crude oil climbed 3.7% to $89.99 a barrel before the open, while Brent increased 4.4% to $98.18.The US Central Command said Wednesday its forces struck Iran for the 12th consecutive night. In a social media post, President Donald Trump vowed to destroy an Iranian bridge or power plant every time Tehran attacks ships in the Strait of Hormuz.Iran's Islamic Revolutionary Guard Corps said it hit Jordan's King Faisal and Prince Hassan bases with missiles and drones, claiming to have targeted US military equipment in response to recent American strikes, CNN reported Wednesday.Treasury yields were trending higher in premarket action, with the two-year rate rising 1.3 basis points to 4.32% and the 10-year rate adding 1.8 basis points to 4.68%.Alphabet's (GOOG, GOOGL) class A and C shares were down roughly 4% each pre-bell after the Google parent announced in its second-quarter results that its capital expenditure doubled year over year. Tesla's stock dropped 5.9% as the electric vehicle manufacturer recorded an unexpected year-over-year decrease in its second-quarter earnings amid higher expenses related to research and development and artificial intelligence initiatives.ServiceNow (NOW) jumped 7.6% while IBM (IBM) edged down 0.6% early Thursday following their latest financial results.T-Mobile US (TMUS), Thermo Fisher Scientific (TMO), Union Pacific (UNP), Lockheed Martin (LMT), Blackstone (BX), Comcast (CMCSA) and Honeywell International (HON) are scheduled to release their quarterly earnings before the bell, among others. Intel (INTC) and Deckers Outdoor (DECK) are due to announce their results after the markets close.Thursday's economic calendar has the weekly jobless claims bulletin at 8:30 am ET, along with the Chicago Fed national activity index for June. The Kansas City Fed manufacturing index follows at 11 am.Gold fell 1.5% to $4,092 per troy ounce, while bitcoin slipped 0.2% to $65,732.

Dow JonesNasdaq CompositeS&P 500$BX$CMCSA$DECK$GOOG$GOOGL$HON$IBM$INTC$LMT$NOW$TMO$TMUS$TSLA$UNP
Wire

Lockheed Martin, Venus Aerospace Team Up on New Rocket Engine Technology

Lockheed Martin (LMT) and Venus Aerospace agreed to work together under a joint technology development agreement to study a new type of rocket engine that may help future long-range military systems fly farther and faster, the companies said Tuesday.The collaboration combines Venus' flight-tested engine design with Lockheed's experience building and integrating defense technology, the companies said. They will study whether the engine can offer practical benefits such as greater flexibility for future long-range systems.Lockheed said the agreement will help determine whether the engine can move from early testing into real-world missile applications.The companies did not disclose any financial terms of the agreement.Price: $505.32, Change: $-4.22, Percent Change: -0.83%

$LMT
Research

Citigroup Upgrades Lockheed Martin to Buy From Neutral, Adjusts Price Target to $582 From $571

Lockheed Martin (LMT) has an average rating of overweight and mean price target of $618.11, according to analysts polled by FactSet.

$LMT
Wire

UBS Cuts Price Target on Lockheed Martin to $538 From $683

Lockheed Martin (LMT) has an average rating of overweight and mean price target of $625.74, according to analysts polled by FactSet.Price: $506.73, Change: $+4.66, Percent Change: +0.93%

$LMT
Wire

Lockheed Martin Wins Up to $35 Billion Contract to Expand US Missile Defense Production

Lockheed Martin (LMT) won a seven-year US government contract worth up to $35 billion to quadruple production of its Terminal High Altitude Area Defense interceptors.The award is one of the first major multiyear procurement contracts under the Pentagon's new acquisition strategy, Lockheed Martin said Wednesday in a statement.The contract implements a THAAD framework agreement signed in January and is intended to support long-term production scaling and strengthen the missile-defense industrial base for the US and its allies, the company said.Lockheed Martin shares rose 0.9% in after-hours trading.

$LMT
Wire

Lockheed, GM Defense to Collaborate to Boost US Defense, Manufacturing Industrial Base

Lockheed Martin (LMT) and General Motors (GM) Defense said Tuesday they reached a memorandum of understanding under which the companies will look to enhance the US' defense industrial base, facilitated by the US Department of Defense.Working under a memorandum of understanding, Lockheed and GM Defense will focus on strengthening defense supply chains, advancing design and manufacturing capabilities and exploring opportunities to expand production capacity, the companies said.Price: $535.85, Change: $+5.49, Percent Change: +1.04%

$GM$LMT
Wire

Lockheed, GM Defense to Collaborate to Boost US Defense, Manufacturing Industrial Base

Lockheed, GM Defense to Collaborate to Boost US Defense, Manufacturing Industrial Base

$GM$LMT
Wire

Raytheon-Lockheed Martin Joint Venture Delivers First Javelin Lightweight Command Launch Units to US Army

RTX (RTX) unit Raytheon's joint venture with Lockheed Martin (LMT), the Javelin Joint Venture, has delivered the first lightweight command launch units to the US Army, RTX said Tuesday.The new product is a next-generation launcher for the Javelin weapon system and replaces its legacy command launch unit, the company said.Raytheon has invested $22 million to date to upgrade the factory producing the launcher and boost production speed and capacity, according to a statement.Price: $177.09, Change: $+0.08, Percent Change: +0.05%

$LMT$RTX
Wire

Update: Market Chatter: Defense Companies Seek Delay of US Ban on Chinese Rare Earth Magnets

(Updates to add US Department of Defense response in fourth paragraph.)Defense companies want more time to comply with the upcoming ban on using Chinese samarium cobalt magnets and neodymium iron boron magnets in defense contracts starting Jan. 1, the Financial Times reported Monday, citing four people familiar with the matter.Several US metals executives said the administration was unlikely to view the lobbying effort favorably, according to the report.The ban on China-sourced magnets, as well as the metals tungsten and tantalum, was introduced by Congress during President Donald Trump's first term in 2018, the report added.A spokesperson for the US Department of Defense declined to comment when contacted by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $55.35, Change: $-5.92, Percent Change: -9.66%

$GD$LMT$MP$USAR$UUUU
Wire

Market Chatter: Defense Companies Seek Delay of US Ban on Chinese Rare Earth Magnets

Defense companies want more time to comply with the upcoming ban on using Chinese samarium cobalt magnets and neodymium iron boron magnets in defense contracts starting Jan. 1, the Financial Times reported Monday, citing four people familiar with the matter.Several US metals executives said the administration was unlikely to view the lobbying effort favorably, according to the report.The ban on China-sourced magnets, as well as the metals tungsten and tantalum, was introduced by Congress during President Donald Trump's first term in 2018, the report added.A spokesperson for the US Department of Defense did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $55.35, Change: $-5.93, Percent Change: -9.67%

$GD$LMT$MP$USAR$UUUU
Wire

Elbit Systems Unit Awarded $34 Million Israel Defense Contract for F-35 Fighter Jet Upgrade

Elbit Systems' (ESLT) Cyclone unit has signed a contract valued at over $34 million with Israel's Ministry of Defense for the development of an extended-range capability for Lockheed Martin's (LMT) F-35 "Adir" fighter jet, the agency said Thursday.The project will cover the development and integration of external fuel tanks based on a Cyclone design that was developed for the F-16 jet, the agency said.The upgrade will extend the aircraft's operational range, reduce reliance on aerial refueling, and enhance operational flexibility across long-range missions, according to a statement.Price: $787.01, Change: $+7.59, Percent Change: +0.97%

$ESLT$LMT
Wire

L3Harris Technologies Increases 2026 Earnings Guidance Following First-Quarter Beat

L3Harris Technologies (LHX) raised its full-year earnings outlook Thursday after reporting stronger-than-expected fiscal first-quarter results amid sales growth across segments.The aerospace and defense technology company now expects 2026 earnings of $11.40 to $11.60 a share, compared with its prior guidance range of $11.30 to $11.50. Analysts in a FactSet poll are looking for $11.59. L3Harris continues to expect full-year revenue between $23 billion and $23.5 billion, while Wall Street is projecting $23.44 billion."We delivered a strong start to the year, with robust orders and revenue growth, coupled with progress across our strategic priorities," Chief Executive Christopher Kubasik said in a statement.For the quarter ended April 3, EPS rose to $2.72 from $2.04 a year earlier, surpassing the consensus of $2.53. Revenue grew 12% to $5.74 billion, also ahead of the Street's $5.42 billion views.Sales in the space and mission systems division jumped 24% to $2.99 billion, while the missile solutions unit saw an 18% increase to $990 million. The communication and spectrum dominance unit's revenue grew 3% to $1.86 billion."The global security environment is evolving rapidly, and the implications for our customers are increasingly clear," Kubasik said on an earnings conference call, according to a FactSet transcript. "Across the Middle East, Europe and the Indo-Pacific, the threat environment is driving greater urgency around readiness, resilience and modernization."Late Wednesday, L3Harris said it confidentially filed a draft registration statement with the US Securities and Exchange Commission for a planned initial public offering of its missile solutions business. The IPO's size and pricing details have yet to be determined. Earlier this year, the company said the US government planned to invest $1 billion in the missile solutions unit."The IPO monetizes the Aerojet acquisition while creating a pure-play missile/propulsion vehicle with an unprecedented (Department of War) anchor investment," Wedbush Securities said in a note to clients Thursday. "We view this as incrementally positive; the stock should benefit as IPO pricing visibility improves and the market assigns sum-of-the-parts value to (missile solutions) separately."On Wednesday, General Dynamics (GD) raised its full-year earnings outlook after reporting fiscal first-quarter results above the Street's estimates. Recently, Lockheed Martin (LMT) logged March-quarter results that missed the Street's views, while fellow aerospace and defense companies RTX (RTX) and Northrop Grumman (NOC) delivered beats.Price: $320.70, Change: $-0.70, Percent Change: -0.22%

$GD$LHX$LMT$NOC$RTX
Wire

General Dynamics Raises Full-Year Earnings Outlook After First-Quarter Beat; Shares Jump

General Dynamics (GD) increased its full-year earnings outlook after reporting fiscal first-quarter results above Wall Street's estimates, sending the company's shares surging Wednesday.The aerospace and defense company now projects earnings at $16.45 to $16.55 a share for fiscal 2026, up from its previous guidance range of $16.10 to $16.20, President Danny Deep said on an earnings conference call, according to a FactSet transcript. The current consensus on FactSet is for $16.30."Given our strong start, we thought it would be prudent to revise our EPS guidance to reflect our performance thus far," Deep told analysts. "Looking at the year from a quarterly perspective, the first and fourth quarters would represent the high points, favoring the fourth quarter."EPS climbed to $4.10 for the quarter through April 5 from $3.66 a year earlier, topping the Street's view for $3.68. Revenue improved 10% to $13.48 billion, exceeding the average analyst estimate on FactSet of $12.70 billion.General Dynamics' shares were up 11% in Wednesday afternoon trade. The stock has increased 2.9% so far this year.Marine systems business revenue jumped 21% year over year to $4.34 billion in the quarter, while the aerospace division saw an 8.4% gain. Sales in the combat systems and technologies units rose more than 4% each.Orders amounted to $26.6 billion in the quarter on a companywide basis, while total estimated contract value -- the sum of all backlog components -- was $188.4 billion at the end of the quarter. The company said this includes backlog of $130.8 billion.However, General Dynamics saw numerous transactions slow down at the end of the quarter as a result of the conflict in the Middle East, Deep told analysts."We were having a spectacular quarter from an order standpoint across the board here in the US, as well as the Middle East," Deep said. "As the conflict started to take form, we saw some slowing in order intake in the Middle East."Last week, Lockheed Martin (LMT) reported first-quarter results that missed the Street's views, while fellow aerospace and defense companies RTX (RTX) and Northrop Grumman (NOC) delivered beats.Price: $347.32, Change: $+33.64, Percent Change: +10.72%

$GD$LMT$NOC$RTX
Wire

RTX's Raytheon Delivers Second Satellite Sensor to Lockheed Martin Under US Space Force Program

RTX-owned (RTX) Raytheon said Tuesday it has delivered its second sensor to Lockheed Martin (LMT) for the US Space Force's satellite program.The satellites, which are part of the Next-Generation Overhead Persistent Infrared Geosynchronous Earth Orbit Block 0 satellite program, will provide enhanced missile warning and tracking to deal with space-based threats, Raytheon said.Financial terms of the contract were not disclosed.Price: $173.20, Change: $-0.18, Percent Change: -0.10%

$LMT$RTX
Wire

Market Chatter: Lockheed Martin's F-35 Set for Higher Purchases by US Air Force, Navy

Lockheed Martin's (LMT) F-35 fighter jet will see higher purchases by the US Air Force and Navy over the next five years, Bloomberg reported Friday, citing projections.The Air Force plans to increase its purchases from 38 jets next year to 42 in fiscal 2028, 46 in 2029, and 48 in both 2030 and 2031, according to the report.The Navy and Marine Corps intends to purchase 47 jets next year, up from 23 this year, and plans to buy 43 jets in 2028 and 38 or fewer each year from 2029 to 2031, the report said.The increased quantities are part of the administration's request to Congress to boost the defense budget by more than 40% to $1.5 trillion, but the proposal is facing resistance from both conservatives and Democrats, Bloomberg said.Lockheed Martin did not immediately respond to a request for comment by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $507.99, Change: $-21.80, Percent Change: -4.11%

$LMT
Wire

Lockheed Martin Q1 Earnings Miss Estimates on Cost Overruns, Profit Shortfall, RBC Says

Lockheed Martin (LMT) reported Q1 earnings that fell short of Wall Street expectations, fueled by persistent cost overruns and a significant miss in operating profit, RBC Capital Markets said in a report Friday.Diluted earnings per share of $6.44 missed estimates and revenue of $18 billion was flat and slightly below consensus, while bookings were weak at 0.6x, RBC said.RBC highlighted broader "negative" estimate-at-completion adjustments across multiple programs, including $125 million on the F-16, $55 million on the C-130, and about $50 million in the Rotary and Mission Systems segment, mainly tied to the CH-53K and Seahawk. The firm said "continued EAC headwinds" is decreasing investor confidence following "recent charges" in classified aeronautics and missiles programs, according to the report.Lockheed Martin maintained its 2026 guidance, implying about 6.4% revenue growth for the remainder of the year and improved segment margins of around 11.1% from the Q2 through Q4. The outlook also suggests roughly $7 billion in free cash flow for the rest of the year, though the firm said execution remains a key "watch item."RBC maintained its sector perform rating on Lockheed Martin and lowered its price target to $575 from $650, citing ongoing execution risks across much of the portfolio despite stronger prospects in the missiles business.Price: $511.38, Change: $-18.41, Percent Change: -3.47%

$LMT
Research

Research Alert: CFRA Maintains Hold Opinion On Shares Of Lockheed Martin Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target by $106 to $564, or 18.5x our 2027 EPS estimate, above LMT's three-year avg. fwd P/E of 17.9x but below peers' avg. of 23.5x. Following the disappointing Q1 results, we trim our EPS estimates: 2026 to $29.05 from $30.08 and 2027 to $30.50 from $31.92. While LMT reaffirmed full-year guidance and maintains a record $186B backlog, execution headwinds are mounting. Aeronautics posted a 140 bps operating margin decline on unfavorable F-16 charges ($125M) and persistent C-130 integration issues ($55M). Classified program risks remain elevated despite no Q1 charges. Cash flow deteriorated sharply with Q1 usage of $291M versus $955M generation last year due to working capital timing and ERP system implementation issues. We see margin pressure persisting through mid-2026 as production ramp investments weigh on near-term profitability. Capex guidance of $2.5B-$2.8B reflects aggressive capacity expansion that may pressure returns if multi-year munitions agreements face political uncertainty.

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