Lockheed Martin shares fall for a third straight session on Monday, company to produce F-16 Block 70 jets for Bahrain’s Air Force

A $1.2 billion contract was awarded to Lockheed Martin Corporation (LMT) by the US government to manufacture 16 new F-16 Block 70 jets for the Royal Bahraini Air Force. The Kingdom of Bahrain becomes the first Lockheed client to order the F-16 Block 70.

Lockheed Martin shares closed lower for a third consecutive trading session in New York on Monday. The stock edged down 0.20% ($0.61) to $298.77, after touching an intraday low at $296.07, or a price level not seen since August 4th 2017 ($295.04).

Shares of Lockheed Martin Corporation have retreated 6.94% so far in 2018 compared with a 1.63% gain for the underlying index, S&P 500 (SPX).

In 2017, Lockheed Martin’s stock rose 28.45%, thus, it outperformed the S&P 500, which registered a 19.42% return.

The new aircraft offers advanced avionics, weapons and engine, a modernized cockpit, conformal fuel tanks, a proven Active Electronically Scanned Array radar as well as an automatic ground collision avoidance system.

“We value our long-standing relationship with the Kingdom of Bahrain and look forward to beginning production activities on their first Block 70 aircraft at our facility in Greenville”, Susan Ouzts, vice president of Lockheeds F-16 Program, was quoted as saying by StreetInsider.com.

“This sale highlights the significant, growing demand we see for new production F-16s around the globe”, Ouzts added.

Production of Lockheeds military jet is expected to add between 150 and 200 new jobs in Greenville, the company said.

F-16 production has already created hundreds of jobs in the United States in areas such as engineering, sustainment, procurement and customer support. Production of the fighter jet also supports thousands of supplier jobs in the country.

According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Lockheed Martin’s stock price, have a median target of $370.00, with a high estimate of $410.00 and a low estimate of $318.00. The median estimate represents a 23.84% upside compared to the closing price of $298.77 on June 25th.

The same media also reported that 13 out of 22 surveyed investment analysts had rated Lockheed Martin Corporation’s stock as “Hold”, while 8 – as “Buy”.

Daily and Weekly Pivot Levels

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

R1 – $299.44
R2 – $300.10
R3 (Range Resistance – Sell) – $300.77
R4 (Long Breakout) – $302.76
R5 (Breakout Target 1) – $305.09
R6 (Breakout Target 2) – $306.10

S1 – $298.10
S2 – $297.44
S3 (Range Support – Buy) – $296.77
S4 (Short Breakout) – $294.78
S5 (Breakout Target 1) – $292.45
S6 (Breakout Target 2) – $291.44

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

Central Pivot Point – $302.49
R1 – $306.89
R2 – $314.39
R3 – $318.79
R4 – $323.18

S1 – $294.99
S2 – $290.59
S3 – $283.09
S4 – $275.58