Lockheed Martin reported $1.6 billion in losses across programs, leading to a 8% drop in stock value. The losses were attributed to challenges in a classified aeronautics program, resulting in $950 million in pre-tax losses. Another $570 million in losses came from an international helicopter program. CEO Jim Chaiclet stated the losses were necessary to improve program execution. Full-year profit forecast was cut to $21.70 to $22 per share from $27 to $27.30. Second-quarter revenue was $18.16 billion, up less than 1% year-over-year. Net income fell to $342 million due to program losses.

Read more at Yahoo Finance: Lockheed Martin Stock Stumbles as Defense Contractor Cuts Forecast