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Boeing Edges Lockheed to Win $20 Billion Fighter-jet Contract Amid Turnaround Effort

MarketWatch ·  Mar 21 15:51

By Victor Reklaitis

$Boeing (BA.US)$ has scored a major Pentagon contract for a next-generation fighter jet, President Donald Trump announced Friday.

The win over rival $Lockheed Martin (LMT.US)$ looks like a significant boost for Boeing as the aerospace giant works on a turnaround effort. Boeing Chief Executive Kelly Ortberg, who took over the top job in August, made headlines in late November by saying the company is "at a low" and that he's "tired of the drumbeat of 'what's wrong with Boeing?'"

The new fighter jet is expected to replace Lockheed's F-22 Raptor. The contract has been valued at $20 billion or more.

Shares in Boeing were recently higher by 4%, while $Lockheed Martin (LMT.US)$'s stock was down about 5.8%.

-Victor Reklaitis

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