By Connor Hart
Shares of Boeing climbed after the jet maker beat out rival Lockheed Martin to win a $20 billion Air Force contract to develop a new, sixth-generation fighter.
Boeing's stock price rose 4.1%, to $179.85, in midday trading Friday, while Lockheed's stock fell 6%, to $438.80. Shares of Boeing are down 4% in the past year, during which time shares of Lockheed have edged 1.3% lower.
The contact comes as a much-needed win for Boeing. The beleaguered company has been working to stem losses and overhaul its troubled manufacturing operation for several quarters. Its defense business represents about one-third of its total revenue but has lost billions of dollars over the past several years, stemming from what the company said were money-losing defense contracts.
Specifications of the upcoming sixth-generation fighter are under wraps. The Pentagon wants the new jet fighter to replace the stealthy F-22, a Lockheed aircraft, and fly alongside semiautonomous drones already in development.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 21, 2025 12:16 ET (16:16 GMT)
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