Lockheed Martin shares close lower on Tuesday, company ties up with Omnispace over space-based 5G network development

Lockheed Martin Corp (LMT) on Tuesday announced a collaboration with communications provider Omnispace LLC, aimed to develop a space-based 5G network to be used by both commercial entities and government agencies.

A 5G global network based in space is expected to allow users to switch between satellite and terrestrial networks, which would remove the need for a multitude of devices on different networks, Lockheed said.

Such a network would allow communication for commercial, enterprise and government devices without regard to location or environment.

“Omnispace is fully committed to the vision of creating a new global communications platform that powers 5G connectivity directly to mobile devices from space,” Omnispace’s Chief Executive Officer Ram Viswanathan was quoted as saying by Reuters.

Lockheed Martin shares closed lower for the third time in the past ten trading sessions in New York on Tuesday. It has also been the steepest single-session loss since March 9th. The stock went down 1.13% ($4.05) to $353.61, after touching an intraday high at $359.22, or a price level not seen since March 19th ($359.43).

Shares of Lockheed Martin Corporation have retreated 0.39% so far in 2021 compared with a 4.11% gain for the benchmark index, S&P 500 (SPX).

In 2020, Lockheed Martin’s stock went down 8.83%, thus, it again underperformed the S&P 500, which registered a 16.26% gain.

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