U.S. News

Lockheed Martin Sets New High


Lockheed Martin shares hit an all-time high on reports of new aircraft orders from the U.S. Air Force.

The U.S. Air Force wants to buy at least 20 more Lockheed Martin F-22 fighter aircraft beyond the 183 currently planned, a top weapons buyer told the Reuters Defense & Aerospace summit on Monday.

The Air Force would also buy more C-130 transport planes built by Lockheed Martin as part of its extra funding request for fiscal 2007, said Ken Miller, a special assistant to Air Force Secretary Michael Wynne.

Big investments had already been made to wring technological and other risks out of the program and "now is the time to buy them," said Miller.

The additional 20 fighters would be purchased in fiscal 2010 after 60 others are bought under a multiyear plan through 2009 approved by Congress, he said.