Lockheed Martin shares slipped significantly after reports surfaced that the Pentagon would be scaling back its request to Congress for F-35 Lightning II fighter jets this year. Reports published by Reuters indicated that the Department of Defense would be slashing its procurement request to just 24 planes from an earlier 48 that were forecast for this upcoming fiscal year.

Lockheed Martin has reacted to a Bloomberg report suggesting the Pentagon may cut its orders. The company emphasizes its commitment to collaborate with the U.S. administration, Congress, and its customers to navigate any potential changes in contracts and defense requirements.