Lockheed Shares Drop as Outlook Disappoints

Shares of Lockheed Martin (LMT Quote) slid Tuesday after the defense company offered guidance for this year and next that failed to satisfy Wall Street.

Although Bethesda, Md.-based Lockheed raised its 2008 profit outlook by a dime to a range of $7.55 to $7.70 a share, the altered view still fell short of analysts' expectations for a profit of $7.75, according to Thomson Reuters. The company's view that revenue for the year should be between $41.9 billion and $42.9 billion was near the low end of expectations.

For 2009, Lockheed predicted earnings in a range of $7.65 to $7.90 a share on revenue of $44.25 billion to $45.25 billion. However, Wall Street is forecasting earnings of $8.39 a share on sales of $45.73 billion. ...