Lockheed Martin shares gain for the first time in five sessions on Friday, CEO Hewson says agreement for lower F-35 costs on the horizon

Following a meeting with US President-elect Donald Trump on Friday, Lockheed Martin CEO Marillyn Hewson said the company was moving closer to a deal involving considerable cost reduction of its F-35 aircraft.

Lockheed Martin shares closed higher for the first time in the past five trading sessions on Friday. The stock went up 0.76% ($1.91) to $254.53, with the daily high and the daily low being at $255.95 and $252.02 respectively. In the week ended on January 15th the shares of the global security and aerospace company lost 1.29% of their market value compared to a week ago, which marked the first drop in the past three weeks and also the worst performance since the week ended on December 18th. However, the stock has extended its advance to 1.84% so far during the current month, following a 5.77% slump in December. The latter has been the worst monthly performance since April 2015. For the entire 2016, Lockheed Martin shares gained 15.10%.

Marillyn Hewson also noted that the aerospace company intended to expand workforce at its Fort Worth (Texas) facility by 1 800. Such a decision, in her view, would add “thousands and thousands of jobs” across the supply chain in 45 states.

Last month, in a response to a Twitter post by Donald Trump, Hewson said she would get involved in driving down the cost of the company’s F-35 fighter jet. In his tweet posted on December 22nd, the President-elect suggested an older aircraft manufactured by Boeing, Lockheed’s rival, might turn out to be a less costly alternative to the F-35 jet.

Costs for Lockheed Martins F-35 program had surged to approximately $379 billion, according to Reuters.

“I certainly share his views that we need to get the best capability to our men and women in uniform, and we have to get it at the lowest possible price,” Chief Executive Hewson said, cited by the same media.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Lockheed Martin stock are presented as follows:

R1 – $254.89
R2 – $255.25
R3 (Range Resistance – Sell) – $255.61
R4 (Long Breakout) – $256.69
R5 (Breakout Target 1) – $257.95
R6 (Breakout Target 2) – $258.50

S1 – $254.17
S2 – $253.81
S3 (Range Support – Buy) – $253.45
S4 (Short Breakout) – $252.37
S5 (Breakout Target 1) – $251.11
S6 (Breakout Target 2) – $250.56

By using the traditional method of calculation, the weekly levels of importance for Lockheed Martin Corporation (LMT) are presented as follows:

Central Pivot Point – $254.94
R1 – $258.58
R2 – $262.62
R3 – $266.26
R4 – $269.89

S1 – $250.90
S2 – $247.26
S3 – $243.22
S4 – $239.17