Why Shares of Lockheed Martin Are Falling Today

Shares of Lockheed Martin (NYSE: LMT) traded down more than 9% on Monday morning -- and opened down 13% -- after the defense contractor announced an unexpected CEO transition. Marillyn A. Hewson will step down effective June 15, to be replaced by current Lockheed board member and American Tower (NYSE: AMT) CEO James D. Taiclet.

Hewson, 66, was known to be on her way out eventually. In 2018, Lockheed had to change its mandatory retirement age rules to allow her to stay on past 2019. But the announcement still caught investors off guard, and in the middle of an extended market slide, investors tend to react negatively to unexpected news.

Image source: Lockheed Martin.

Continue reading

Source Fool.com