BUZZ-Palantir falls after Pentagon eyes funding cuts to some parts of military by 8%

Reuters
02-20
BUZZ-Palantir falls after Pentagon eyes funding cuts to some parts of military by 8%

** Shares of data analytics company Palantir Technologies PLTR.O fall 4.7% to $106.9 in after-hours trade

** U.S. Defense Secretary Pete Hegseth asks parts of the military to propose what could be cut as part of a potential 8% spending reduction for them over each of the next five years

** Palantir provides governments with services such as software that visualizes army positions

** Officials said it does not appear that Hegseth wanted a major budget cut, but was looking to re-prioritize funding to better align with President Donald Trump's national security priorities

** CEO Alex Karp adopted a trading rule in December that would allow him to sell nearly 10 million PLTR shares through September 12 this year, according to a filing on Tuesday

** PLTR was up 340% in 2024

(Reporting by Juby Babu in Mexico City)

((Juby.Babu@thomsonreuters.com))

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