MW Boeing edges Lockheed for fighter-jet contract - a $20 billion win amid its turnaround effort
By Victor Reklaitis
Boeing's stock jumps 5% on news
Boeing Co. has scored a major Pentagon contract for a next-generation fighter jet, President Donald Trump announced Friday.
The win over rival Lockheed Martin Corp. looks like a significant boost for Boeing as the aerospace giant works on a turnaround effort. Boeing Chief Executive Kelly Ortberg, who took over the top job in August, made headlines in late November by saying the company is "at a low" and that he's "tired of the drumbeat of 'what's wrong with Boeing?'"
The new fighter jet is expected to replace Lockheed's F-22 Raptor. The contract has been valued at $20 billion or more.
Shares in Boeing $(BA)$ were recently higher by 5%, while Lockheed's stock $(LMT)$ was down about 5%.
From MarketWatch's archives (Jan. 28, 2025): Boeing CEO: Don't expect a major restructuring, but maybe a 'pruning'
-Victor Reklaitis
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March 21, 2025 11:39 ET (15:39 GMT)
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