Lockheed Martin shares slide the most in two weeks on Friday, CEO Hewson pledges to bring down the F-35 jet cost

According to a statement by Lockheed Martin Corp, its Chief Executive Officer, Marillyn Hewson, told US President-elect Donald Trump she would get involved in driving down the cost of the company’s F-35 fighter jet in a response to a post on Twitter, which Trump published last Thursday.

Lockheed Martin shares fell the most since December 12th on Friday, completely erasing gains from the previous trading session. The stock went down 1.27% ($3.21) to $249.59, after falling to as low as $247.01, or a level not seen since December 12th ($245.50). In the week ended on December 25th the shares of the aerospace company lost 0.20% of their market value compared to a week ago, which marked a third consecutive period of decline, but yet, the smallest one since the week ended on September 18th. The stock has extended its slump to 5.90% so far during the current month, after climbing 7.66% in November. The latter has been the stock’s best performance since July 2015. Back then Lockheed Martin shares appreciated 11.40%.

In a tweet posted on December 22nd, President-elect Donald Trump suggested an older aircraft manufactured by Boeing, Lockheed’s rival, might turn out to be a cheaper alternative to the F-35 jet.

“Based on the tremendous cost and cost overruns of the Lockheed Martin F-35, I have asked Boeing to price-out a comparable F-18 Super Hornet!”, Trump noted, cited by Reuters.

According to a post tweeted a day later by the NYSE-listed aerospace company, the latter would “aggressively” bring down the F-35 price. The fighter jet was said to have generated approximately 20% of Lockheed Martins sales in 2015.

“Somebody needs to ask Donald Trump how hes going to be able to confront China without aircraft capable of penetrating anti-access and area denial systems, including air defenses,” an US official said in regard to Trump’s tweet.

The majority of defense analysts, on the other hand, do not view Boeing’s F-18 and Lockheed’s F-35 as comparable aircraft.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Lockheed Martin stock are presented as follows:

R1 – $250.04
R2 – $250.48
R3 (Range Resistance – Sell) – $250.93
R4 (Long Breakout) – $252.27
R5 (Breakout Target 1) – $253.83
R6 (Breakout Target 2) – $254.51

S1 – $249.14
S2 – $248.70
S3 (Range Support – Buy) – $248.25
S4 (Short Breakout) – $246.91
S5 (Breakout Target 1) – $245.35
S6 (Breakout Target 2) – $244.67

By using the traditional method of calculation, the weekly levels of importance for Lockheed Martin Corporation (LMT) are presented as follows:

Central Pivot Point – $250.37
R1 – $253.72
R2 – $257.86
R3 – $261.21
R4 – $264.57

S1 – $246.23
S2 – $242.88
S3 – $238.74
S4 – $234.61