NEW YORK (TheStreet) -- Lockheed Martin (LMT) announced it will reduce the total number of furloughed workers by 20% after Defense Secretary Chuck Hagel reinstated nearly 400,000 civilian defense employees.
On Friday, Lockheed Martin said they would need to lay off 3,000 employees, which has since been reduced to 2,400. The positions currently furloughed are either located in a closed government facility or have been given a government-issued stop-work order.
"We continue to urge Congress and the Administration to come to an agreement that funds the government as soon as possible," the company said in a statement.
United Technologies (UTX) has cancelled its plan to furlough as many as 4,000 workers.
Lockheed Martin shares are 1.3% higher to $124.09 while United Technologies shares gained 0.14% to $104.42, as of 12:20 p.m. ET. Both are leading the S&P 500 which is down 0.51%.
TheStreet Ratings team rates Lockheed Martin as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate Lockheed Martin (LMT) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, notable return on equity and increase in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."