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Tag: Lockheed Martin

  • Pete Hegseth, US secretary of War, to visit Fort Worth’s Lockheed Martin

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    WASHINGTON, DC - JANUARY 05: U.S. Secretary of War Pete Hegseth arrives for a briefing with bicameral congressional leadership at the U.S. Capitol on January 05, 2026 in Washington, DC. The briefing addressed U.S. actions in Venezuela, including the capture of Venezuela's Nicolas Maduro and his wife, Cilia Flores. (Photo by Chip Somodevilla/Getty Images)

    WASHINGTON, DC – JANUARY 05: U.S. Secretary of War Pete Hegseth arrives for a briefing with bicameral congressional leadership at the U.S. Capitol on January 05, 2026 in Washington, DC. The briefing addressed U.S. actions in Venezuela, including the capture of Venezuela’s Nicolas Maduro and his wife, Cilia Flores. (Photo by Chip Somodevilla/Getty Images)

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    Pete Hegseth, the U.S. secretary of war, will visit Lockheed Martin in Fort Worth on Monday as well as SpaceX in Brownsville, where “patriots work tirelessly, not with rifles, but with hardhats and relentless dedication, to ensure our military remains the most lethal and capable fighting force in the world,” the Pentagon said Sunday.

    Hegseth will deliver remarks to SpaceX employees alongside Elon Musk, the company’s founder.

    This is part of Hegseth’s “Arsenal of Freedom” tour and a “direct follow-up to Secretary Hegseth’s call to action delivered to defense executives last fall at Fort McNair.”

    “For too long, Pentagon bureaucracy has hindered the speed and might of our manufacturing base, obstructing innovation and warfare solutions from companies like SpaceX and Lockheed Martin,” the Department of War said in a statement Sunday. “Under the leadership of President Trump and Secretary Hegseth, we are unleashing the full power of our Defense Industrial Base (DIB) to advance our Peace Through Strength agenda.”

    The Pentagon described Monday’s event as Hegseth’s “third major speech” since he was sworn in.

    “This tour is intended to fuel a revival of our Defense Industrial Base, ensuring it can supply America’s finest with technologically superior products at the speed of relevance, the statement said. “This guarantees our dominance not just for today, but for generations to come.

    Lockheed Martin’s Fort Worth facility builds the F-35 Lightning II fighter jet for the Pentagon and foreign allies. In December, the company rolled out the first in a series of F-35A jets for Finland.

    The F-35 is the most economically significant defense program in history, according to Lockheed, creating 290,000 U.S. jobs and contributing $72 billion to the economy annually.

    Lockheed Martin has a $17.7 billion payroll in Texas, and the F-35 production facility in Fort Worth employs roughly 19,200 technicians, mechanics, engineers and support staff, and relies on nearly 900 Texas suppliers. The program has contributed $7 billion in local economic benefits, according to the Fort Worth Chamber of Commerce, and supported over 30,000 jobs in the greater Fort Worth economy.

    This story was originally published January 11, 2026 at 3:58 PM.

    Matt Leclercq

    Fort Worth Star-Telegram

    Matt Leclercq is senior managing editor at the Fort Worth Star-Telegram. He previously was an editor at USA Today in Washington, national news editor at Gatehouse Media in Austin, and executive editor of The Fayetteville (NC) Observer. He’s a New Orleans native.

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    Matt Leclercq

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  • NASA’s supersonic jet completes its first flight in California

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    Nearly a decade after NASA partnered with Lockheed Martin to build the X-59, the supersonic jet has completed its first flight in California, according to a press release spotted by Gizmodo. The X-59 Quiet SuperSonic Technology (Quesst) aircraft is designed to reach supersonic speeds without the “sonic boom,” and now with this latest test flight complete, NASA and Lockheed plan to conduct future tests to measure the X-59’s “sound signature and conduct community acceptance testing.”

    The flight on Tuesday was between US Air Force Plant 42 in Palmdale, California and NASA’s Armstrong Flight Research Center in Edwards, California. “The X-59 performed exactly as planned,” Lockheed Martin says, “verifying initial flying qualities and air data performance on the way to a safe landing at its new home.”

    The ultimate goal for the X-59 project is to open up the possibility for commercial supersonic flights in the future. Traveling at supersonic speeds, faster than Mach 1 or around 768 miles per hour, could dramatically shorten trips transporting people and cargo. And if the Quesst design NASA and Lockheed Martin have come up with works, which includes tweaks like placing the jet engine on top of the plane and using an extremely pointy nose, it should also be much quieter. “People below would hear sonic ‘thumps’ rather than booms, if they hear anything at all,” NASA explained in a 2023 blog post.

    A ban on supersonic flights over the United States went into effect on April 27, 1973, in response to concerns of property damage and noise pollution. The ban stayed in place for decades until President Donald Trump ordered the Federal Aviation Administration to remove the ban in June 2025 as part of an executive order. Now there’s a new urgency to NASA and Lockheed Martin’s work with the X-59, and an opportunity to apply what they learn to “inform the establishment of new data-driven acceptable noise thresholds related to supersonic commercial flight over land.”

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  • Ukraine Wants Tomahawks. Trump Has to Decide if They Would Help End the War.

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    WASHINGTON—The Tomahawk cruise missile that President Trump is considering for Ukraine has been the weapon of choice for decades for U.S. presidents seeking decisive military solutions.

    A highly accurate missile with a powerful warhead that can fly more than 1,000 miles, the Tomahawk can reach targets inside Russia far beyond any of the weapons the U.S. has provided to Kyiv until now. 

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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    Michael R. Gordon

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  • Annual Congressional Summit takes place in Columbus, Shan Cooper honored

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    A look inside a ballroom at the Columbus Convention & Trade Center during the Georgia Chamber of Commerce Congressional Luncheon on Monday, August 20, 2025. Photo by Donnell Suggs/The Atlanta Voice

    COLUMBUS, GA. – The annual Georgia Chamber Congressional Luncheon took place at the Columbus Convention & Trade Center on Wednesday morning.

    Along with local dignitaries, statewide elected officials, and business leaders, the crowd included representatives from local Chambers of Commerce, including from Brunswick-Golden Isles, Albany, Warner Robins, Macon, Harris County, and the greater Pooler area, which represents Chatham County.

    Shan Cooper (left) was awarded the first ever Blanchard Servant Leadership award during the Congressional Luncheon in Columbus on Monday. Photo by Donnell Suggs/The Atlanta Voice

    Shan Cooper, the founder and CEO of Journey Forward Strategies LLC, was awarded the first Blanchard Servant Leader Award during the luncheon. The award is named after former Synovus CEO James Blanchard, who took the stage to hand Cooper the award.

    After leaving the stage Cooper talked to The Atlanta Voice that Blanchard was a mentor of hers and an inspiration. While on stage she said she was doing flips inside due to how proud she was to receive the first Blanchard Servant Leadership award.

    “I’m humbled, grateful, it’s really kind of hard to believe,” Cooper said. “Jimmy taught me what it means to be a servant leader.”

    Cooper said there were a lot of people who helped her achieve so much during her career as the former vice president and general manager at Lockheed Martin and chief transformation officer at Westrock.

    Columbus Airport Commission Vice Chair Delois Dee Marsh. Photo by Donnell Suggs/The Atlanta Voice

    “I hope I continue to make them proud,” she said.

    Other Black leaders of industry and politics were in the room to see Cooper receive the award. Long time Congressman Sanford Bishop, a mainstay in Columbus-area Democratic politics, addressed the crowd before Cooper took the stage, and the first Black woman to hold a leadership role at Columbus Airport was there too.

    “I need to be here so folks can hear from educated, qualified, Black voices,” said Columbus Airport Commission Vice Chair Delois Dee Marsh. “I deserve to be here.”

    Marsh, a real estate broker and United States Army veteran, is active within the Columbus community.

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    Donnell Suggs

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  • Look Who’s Supposedly Buying Boeing and Lockheed Martin’s Space Business Now!

    Look Who’s Supposedly Buying Boeing and Lockheed Martin’s Space Business Now!

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    America’s space industry was supposed to undergo a big change in 2023. As multiple news outlets reported at the time, the United Launch Alliance (ULA) joint venture between Boeing (NYSE: BA) and Lockheed Martin (NYSE: LMT) was up for sale, with a deal likely to happen before the end of the year.

    It didn’t happen.

    No matter, said the pundits. As 2023 flipped over to 2024, ULA was still for sale. Up until the arrival of SpaceX, after all, ULA was the nation’s biggest launcher of rockets carrying NASA and national security satellites. Even after SpaceX’s arrival, it was still No. 2. (Well, until Rocket Lab, it was.) Surely someone would happily pay the $2 billion or $3 billion it would take to buy ULA in 2024?

    Except, 2024 is now three-quarters over, and so far at least, no one has done so.

    Row of rockets of different shapes and sizes.

    Image source: Getty Images.

    ULA looks incredibly cheap, so why is no one buying it?

    And yet, as Reuters reported last month, ULA is still up for sale. And the sales price is still reported to be in the neighborhood of $2 billion to $3 billion.

    That’s probably a bargain price. As I explained back in 2023, ULA generated $1.3 billion in sales in 2022, before a transition in launch vehicles caused a slump in launch rate in 2023. As 2024 rolls along, though, launch cadence is already increasing again. With four launches in the bag so far, ULA has already put more rockets in orbit in 2024 than it did in all of 2023. Plus, a big order book populated by launches for Amazon‘s Project Kuiper mean ULA’s launch rate (and revenue) are only going up.

    It shouldn’t be too long before ULA is raking in revenue at its usual rate, or better. At the usual valuation for space stocks of 3 or 4 times annual sales, that implies ULA should be worth $4 billion to $5 billion.

    In any logical world, that should mean that someone will step up to the plate and buy ULA eventually.

    Wanted: A buyer for ULA

    And here’s the thing: Reuters thinks someone might be looking to buy ULA. Curiously, though, the company Reuters believes is now in talks to bid for ULA is a company no one even thought was in the running back when this sales process began: Sierra Space.

    You remember Sierra Space. It’s the subsidiary of private defense company Sierra Nevada Corporation. It’s the company I described as “a $5 billion space unicorn” back in 2023, and a potential IPO candidate. And according to Reuters, it’s the leading contender to acquire ULA from Boeing and Lockheed, as other bidders such as Blue Origin and Rocket Lab step to the sidelines. As the news agency notes, both Blue Origin and Rocket Lab (and several others) had expressed interest in buying ULA in the past, but none of those negotiations led to a deal.

    As for whether this new negotiation will succeed where others failed, though, that remains very much unclear. Asked to comment on the report, Sierra Space, Boeing, and Lockheed Martin all declined, or failed to respond.

    Will Sierra Space buy United Launch Alliance?

    Ordinarily, that wouldn’t mean much. Refusing to comment on a pending acquisition before ultimately going ahead and making that acquisition is standard operating procedure for big corporations. (See the recent sale of Dish to DirecTV for one very recent example.) But in this particular instance, it’s not the only reason to be skeptical that any talks will actually result in a deal.

    Unless and until it conducts an IPO, Sierra Space is probably going to be strapped for cash, and unable to make a big bid to acquire ULA — certainly not as big a bid as billionaire-backed Blue Origin could manage. Indeed, as recently as late 2023, Sierra Space was reported to be laying off workers to conserve cash. Meanwhile, its available cash is probably needed for the multiple space projects it’s already involved in, which include developing modules for a proposed private space station, building missile warning satellites for the Pentagon, and getting its Dream Chaser spaceplane ready for a (much delayed) first flight in 2025.

    Granted, I could be wrong about this. Indeed, I hope I am wrong, because if Sierra Space were to first buy ULA and then IPO the combined company, for example, then this would give space investors like me exactly what we’re looking for: an opportunity to invest in a company the size and capability of SpaceX, that’s also publicly traded.

    Such a scenario could still happen eventually. I just don’t think Sierra Space is the company that will make it happen.

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    Look Who’s Supposedly Buying Boeing and Lockheed Martin’s Space Business Now! was originally published by The Motley Fool

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  • ‘Most Metal’ Rocket Famous for Setting Itself on Fire Will Make Its Final Launch

    ‘Most Metal’ Rocket Famous for Setting Itself on Fire Will Make Its Final Launch

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    As the band Europe once sang, it’s the final countdown, at least for United Launch Alliance’s Delta IV Heavy, which is set to retire following its final flight on Thursday, March 28. The classified mission also marks the end of an era that began more than 60 years ago, with ULA bidding farewell to the Delta series.

    The triple core rocket is slated to launch at 1:40 p.m. ET on Thursday, blasting off from Space Launch Complex-37 at Cape Canaveral Space Force Station in Florida. The weather forecast isn’t great, with ULA predicting a 30% chance of favorable conditions. Should bad weather force a scrub, ground teams will try again 24 hours later. The Delta IV Heavy is carrying a classified payload for the National Reconnaissance Office, likely a spy satellite, as part of the NROL-70 mission.

    In its press materials, ULA described the Delta IV Heavy as the “most metal” of rockets. The reason for this has to do with the dramatic, and even startling, way in which the rocket blasts off. Seconds before its engines roar to life, a fireball engulfs the base of the rocket, causing a fire that chars the booster exterior.

    This has to do with excess hydrogen burn-off. Prior to ignition, hydrogen fuel creeps out from the engines and up the side of the booster (it’s like starting a gas cooktop or a propane barbecue—some gas has to escape before you click the ignition button). When the engines are ignited, this excess hydrogen catches fire, causing the brief—but intense—fireball. This phenomenon is actually a normal and expected part of the launch process. A 2018 video (below) describes the process in more detail.

    Explaining the Delta Rocket Fireball – Kerbal Space Program Doesn’t Teach….

    This is the last flight for the 235-foot-tall (72-meter) Delta IV Heavy, which debuted in 2002. It’s also the end of the road for the Delta program. The NROL-70 mission marks the 16th launch of Delta IV Heavy and the 389th for the Delta family, according to AmericaSpace. Established by the U.S. government in 1960, the Delta program was set up to develop a suite of expendable launch vehicles for space missions, ranging from satellite deployments to deep space explorations. ULA’s new Vulcan Centaur rocket, which debuted in January, is designed to replace the Deltas.

    The two-stage Delta IV Heavy consists of three booster cores, each powered by a RS-68A engine. Each of these engines produce 705,000 pounds of force at liftoff, making it one of the most powerful liquid hydrogen/liquid oxygen engines in the world. For its second stage, the Delta IV Heavy uses a single RL10C-2-1 engine (also fueled by liquid hydrogen and oxygen), capable of generating 24,750 pounds of thrust. A 16-foot-tall (5-meter) payload fairing completes the assembly.

    The Delta IV Heavy’s first launch on December 21, 2004, was a partial failure (the dummy payload didn’t reach the targeted orbit), but it remains the only blemish in an otherwise perfect career. Its first successful operational mission was in 2007, sending an NRO reconnaissance satellite into space. Notable missions include launching NASA’s Orion spacecraft for the EFT-1 mission in 2014 (Orion is now a key fixture of the space agency’s Artemis program) and the Parker Solar Probe in 2018.

    Related article: What to know about ULA’s new Vulcan Centaur rocket

    At the time of its debut, the Delta IV Heavy was the most powerful rocket launched from Cape Canaveral, save for the Saturn V and the Space Shuttle Launch System, according to Florida Today. Currently, only NASA’s Space Launch System and SpaceX’s Falcon Heavy are more powerful (Starship doesn’t count, as it’s not yet ready for prime time). Its replacement, the 202-foot-tall (61.6-meter) Vulcan Centaur rocket, offers greater flexibility and can be configured with zero, two, four, or six solid rocket boosters to meet specific mission requirements.

    So it’s out with the old and in with the new. The Delta IV Heavy has done its bit for king and country, but now it’s time for an update—and an overdue one at that. Vulcan represents ULA’s first new rocket design since the company began in 2006 (ULA, a joint venture between Lockheed Martin and Boeing, inherited Delta from its predecessors). Sure, we’ll miss those frightening fireballs at launch, but the future awaits.

    For more spaceflight in your life, follow us on X and bookmark Gizmodo’s dedicated Spaceflight page.

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    George Dvorsky

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  • Sierra Space joins defense primes in landing massive military satellite contract | TechCrunch

    Sierra Space joins defense primes in landing massive military satellite contract | TechCrunch

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    Sierra Space is joining Rocket Lab as a current or formerly VC-backed space company to land a major satellite deal with the military.

    The Space Development Agency (SDA) selected Sierra, along with Lockheed Martin and L3Harris, to build 54 satellites in deals collectively worth $2.5 billion. The news, announced today, follows news from last week that Rocket Lab landed a similar contract for up to $515 million.

    The award, as well as Rocket Lab’s, shows that more and more companies are looking to take a slice of a market that until now had been the exclusive domain of defense primes: military satellites. Most recently, Sierra closed a $290 million Series B round that skyrocketed its valuation to $5.3 billion.

    The 54 satellites will form part of the SDA’s Proliferated Warfighter Space Architecture, a massive missile detection and tracking constellation in low Earth orbit that’s being built and launched in “tranches.” The trio of contracts announced today is for 18 satellites each in the Tranche 2 Tracking Layer: L3Harris’s award is worth $919 million; Lockheed Martin, $890 million; and Sierra Space, $740 million.

    “We’re pleased to welcome Sierra Space, a new entrant as a prime vendor on Team SDA, as we continue working with L3Harris and Lockheed Martin on Tranche 2,” SDA director Derek Tournear said in a statement. “The marketplace is responding to the demand signals for our spiral development model. The agile response across the space industry is critically important as we deliver to the warfighter this no-fail mission capability of missile warning, missile tracking, and missile defence.”

    The 54 satellites will consist of 48 dedicated to missile detection and tracking and 6 to missile defense. All will be equipped with infrared sensors, though the sensors on the six birds dedicated to missile defense will be capable of generating what the SDA calls “fire control-quality tracks,” which are sensitive enough to guide an interceptor to bring down an aggressor’s missile.

    While Lockheed and L3Harris have an established track record winning satellite manufacturing contracts with the SDA, this is the first award of this kind for Sierra Space. The latter company is best known for its Dream Chaser spaceplane and Orbital Reef private space station project, rather than satellite manufacturing at scale.

    The satellites are expected to launch no later than April 2027.

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    Aria Alamalhodaei

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  • Firefly's Alpha rocket reaches orbit for the fourth time | TechCrunch

    Firefly's Alpha rocket reaches orbit for the fourth time | TechCrunch

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    Firefly Aerospace sent its Alpha rocket to orbit this morning, with the company carrying a payload from Lockheed Martin to space. However, the company has yet to update the public on whether it successfully deployed the satellite to its destination orbit – which could suggest an issue with the rocket’s second stage.

    Today’s launch marks the fourth-ever flight of Firefly’s Alpha rocket. The vehicle took off from California’s Vandenberg Space Force Base at 9:32 AM local time. The mission, called Fly the Lightning, was a commercial launch for customer Lockheed Martin. The rocket was carrying Lockheed’s demonstrator payload, called the Electronically Steerable Antenna (ESA) technology demonstrator, to low Earth orbit.

    At around 9:40 am local time, Firefly tweeted that it would relight Alpha’s second stage engine to circularize its orbit in around 40 minutes. From there, the Lockheed Martin payload should have been deployed. But the company has yet to provide an update four hours later.

    ESA is a type of antenna array that can be electronically steered. Lockheed says its proprietary design will enable the company to calibrate the new ESA sensor at a fraction of the time compared to traditional on-orbit sensors, which can take months to power on and be ready for operation. The company’s ESA demonstrator payload was integrated on a satellite bus built by Terran Orbital (Lockheed owns nearly 7% of the outstanding shares in Terran).

    While the primary aim of the mission is deploying the payload, Firefly said that its mission team is also tracking the total working hours from when they received the payload to launch readiness, to continue demonstrating to the Space Force that it’s capable of providing rapid launch capabilities.

    Rapid launch is top-of-mind for the Space Force; Firefly already demonstrated it once during the last Alpha mission that set a new record for launch readiness. For that mission, Firefly had just 24 hours to complete final launch preparations, encapsulate the payload and mate it to the rocket.

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    Aria Alamalhodaei

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  • Americans Explain How They Would End The Israel-Hamas War

    Americans Explain How They Would End The Israel-Hamas War

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    “Off the top of my head? I’d probably concentrate billions of dollars into the hands of a few international defense contractors and I suppose I’d call them Raytheon, Boeing, and Lockheed Martin, and then—gosh, I don’t know—I’d let them dictate U.S. foreign policy through gratuitous lobbying, and—just spitballing here—destabilize and antagonize nearby nations to protect our oil interests while providing unconditional aid to Israel, and then I guess I’d enable those defense companies to indiscriminately bomb the shit out of Gaza, and on top of all that, I guess I’d write a $14.5 billion check to Netanyahu for good measure.”

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  • Politicians Try To Recall How Their Constituents Feel About A Ceasefire

    Politicians Try To Recall How Their Constituents Feel About A Ceasefire

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    While it’s common knowledge that citizens have very little influence on elected officials, The Onion asked U.S. politicians how their constituents feel about a ceasefire in Gaza, and this is what they said.

    Sen. Elizabeth Warren (D-MA)

    Sen. Elizabeth Warren (D-MA)

    Image for article titled Politicians Try To Recall How Their Constituents Feel About A Ceasefire

    “A cease what? I’ve never heard that word in my life.”

    Rep. Steve Scalise (R-LA)

    Rep. Steve Scalise (R-LA)

    Image for article titled Politicians Try To Recall How Their Constituents Feel About A Ceasefire

    “My constituents routinely vote in favor of having blood on our hands.”

    Sen. Chuck Schumer (D-NY)

    Sen. Chuck Schumer (D-NY)

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    “Does AIPAC count as a constituent?”

    Vice President Kamala Harris

    Vice President Kamala Harris

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    “Am I a politician? Gee, that’s flattering.”

    Rep. Hakeem Jeffries (D-NY)

    Rep. Hakeem Jeffries (D-NY)

    Image for article titled Politicians Try To Recall How Their Constituents Feel About A Ceasefire

    “One more word about a ceasefire, and I’m ordering Israel to bomb south Brooklyn.”

    Sen. Mitt Romney (R-UT)

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    “Oh, while I’m at work the nanny is the one who looks after the constituents.”

    Sen. Bob Menendez (D-NJ)

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    “My constituents know I have been calling for a cease-ceasefire since day one.”

    Sen. Susan Collins (R-ME)

    Sen. Susan Collins (R-ME)

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    “Representatives are public servants. That means it’s my job to listen to what my constituents have to say, internalize it, and then do whatever I want.”

    Rep. Nancy Pelosi (D-CA)

    Image for article titled Politicians Try To Recall How Their Constituents Feel About A Ceasefire

    “I have genuinely not thought about another human being since 1998.”

    Sen. Thom Tillis (R-NC)

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    “When I got elected in 2014, my campaign pitch was ‘You wanna see a dead body?’”

    Gov. Gavin Newsom Of California

    Gov. Gavin Newsom Of California

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    “Constituents…constituents… Oh, you mean the blurred shapes I sometimes see before meetups with donors?”

    Sen. Tom Cotton (R-AR)

    Image for article titled Politicians Try To Recall How Their Constituents Feel About A Ceasefire

    “Hmm… What is this ‘feel’?”

    Sen. Tammy Duckworth (D-IL)

    Sen. Tammy Duckworth (D-IL)

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    “My Illinois colleague Dick Durbin, who called for a ceasefire, obviously has different constituents than I do.”

    Sen. Mitch McConnell (R-KY)

    Sen. Mitch McConnell (R-KY)

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    “I don’t know. I can’t hear frequencies coming out of the mouths of people who make below $400k.”

    Sen. John Cornyn (R-TX)

    Image for article titled Politicians Try To Recall How Their Constituents Feel About A Ceasefire

    “They elected me to kill people, so that’s what I’m gonna do.”

    Rep. Ken Calvert (R-CA)

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    “I have but one constituent, and their name is Lockheed Martin.”

    Gov. Kathy Hochul Of New York

    Gov. Kathy Hochul Of New York

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    “I know what they want. I just think they are stupid and don’t respect them. Make sense?”

    Sen. Tommy Tuberville (R-AL)

    Sen. Tommy Tuberville (R-AL)

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    “A ceasefire is a sacred bond between one man and one woman. Anything else is a sin.”

    Former President Barack Obama

    Former President Barack Obama

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    “No constituents anymore, motherfuckers! You people can’t goddamn touch me! I can say whatever the hell I want. Fuck all of you!”

    Sen. Chuck Grassley (R-IA)

    Sen. Chuck Grassley (R-IA)

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    “My term doesn’t expire until 2068.”

    Sen. John Hickenlooper (D-CO)

    Sen. John Hickenlooper (D-CO)

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    “Constituents? Oh, do you mean money? The money says to burn it to the ground.”

    Sen. J.D. Vance (R-OH)

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    “I assume all my constituents were also given a full ride by the Federalist Society.”

    Sen. Kyrsten Sinema (I-AZ)

    Sen. Kyrsten Sinema (I-AZ)

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    “We often think about others so much that we forget to think about our own feelings. The question is, do I want a ceasefire?”

    Gov. Greg Abbott Of Texas

    Gov. Greg Abbott Of Texas

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    “Most of my constituents are guns, and they love firing. It’s the equivalent of orgasm to them.”

    You’ve Made It This Far…

    You’ve Made It This Far…

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  • That jet the Marines lost? Taxpayers will pay $1.7 trillion for the F-35 program | CNN Politics

    That jet the Marines lost? Taxpayers will pay $1.7 trillion for the F-35 program | CNN Politics

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    A version of this story appears in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here.



    CNN
     — 

    The military losing a fighter jet near Charleston, South Carolina, and asking the public to help find it is a plotline in which “Top Gun” (fighter jets) meets “The Hunt for Red October” (country can’t find its weapons system).

    But the larger story of the F-35 Lightning II stealth fighter is like tax dollars meet “The Blob” (unstoppable force consumes everything in its path).

    “How in the hell do you lose an F-35?” wondered Rep. Nancy Mace, the South Carolina Republican, in a post on social media that speaks for everyone who read the headline about the state-of-the-art military plane that went missing Sunday after its pilot ejected and parachuted to safety.

    “How is there not a tracking device and we’re asking the public to what, find a jet and turn it in?” she continued.

    A more general and important question could be asked of the F-35 program writ large: How in the heck can you spend so much money on a plane that doesn’t work the way it’s supposed to?

    The exact amount of money for a single aircraft like the one that went missing is somewhere around $100 million.

    The entire F-35 program is on track to cost $1.7 trillion over the lifetime of the plane. Trillion. With a “t.”

    CNN’s Oren Liebermann reported the facts of what we know about the missing aircraft on CNN on Monday:

    • The pilot ejected safely and was taken to a hospital.
    • Joint Base Charleston posted a social media plea for information from anyone who might have seen the jet or its remains.
    • The search is focused northwest of Charleston near Lakes Marion and Moultrie.

    But we’re left with so many questions, he told CNN’s Jim Sciutto.

    “Was the transponder working? If not, why wasn’t it working? Why, maybe, had it been switched off? What was the mission it was on? All of this is either under investigation or a question we haven’t gotten an answer to yet.”

    When I asked Liebermann by email how to generally explain the F-35 program, he noted it is the most expensive weapons program in US history.

    For a country that spends a good portion of its income on its military and is known to have the most advanced fighting force on Earth, that’s saying something.

    The F-35 is what’s known as a “stealth” fighter, which means it is supposed to be able to avoid detection by enemies. Maybe a little too stealth.

    But if you watch the glossy Lockheed Martin video at F35.com, the jet is also supposed to be able to communicate with rest of the military, “sharing its operational picture with the ground, sea and air assets.” The video shows the jet beaming information to the ground and satellites.

    The New York Times’ editorial board used the word “boondoggle” to describe the F-35 program in 2021. But it added that the US is essentially stuck with the program.

    Or as CNN’s Zachary Cohen wrote back in 2015, “Is the world’s most expensive weapons program worth it?” Eight years later, the question still applies.

    Many US allies – Canada, Germany, Japan and others – also buy F-35s from Lockheed.

    The F-35, as developed by Lockheed at the request of the US military, was supposed to be the jack-of-all-jets, with versions to do different jobs for the Air Force, the Navy and the Marines.

    The version that went missing over South Carolina – the F-35B – is used by the US Marine Corps and meant to be able to “land vertically like a helicopter and take-off in very short distances,” according to a fact sheet from Lockheed. Another F-35B crashed in 2018, also in South Carolina.

    The Project on Government Oversight, a nonpartisan watchdog group, has written extensively on the F-35 and its cost overruns. I asked Dan Grazier, an F-35 expert for POGO, what has gone wrong.

    It all boils down to “failure at the conceptual level,” he told me in an email.

    “The architects of the program attempted to build a single aircraft to meet multiple mission requirements for not just three separate services but also those of multiple countries,” Grazier said, noting the difference between a small and nimble fighter jet and a long-range jet.

    “When someone attempts to design a single aircraft to perform all of these roles, they have to make numerous design tradeoffs that generally results in an aircraft that can sort of do it all, but doesn’t do anything particularly well.”

    The jet has never reached its full operational capability and already needs updates and tweaks, including a new engine. “Every F-35 built until now is nothing more than a very expensive prototype,” Grazier told me.

    “All of them will have to go through an expensive retrograde process in the future when the design is complete to bring them up to something approaching full combat standards.”

    I asked a spokesperson for Lockheed Martin if the company is confident the jets perform as they should considering the taxpayer investment.

    They provided this statement:

    The global F-35 fleet has surpassed more than 721,000 cumulative flight hours and spans 17 nations and three U.S. military services. Since F-35s began flying 17 years ago, there has been one pilot fatality and less than 10 confirmed destroyed aircraft. More than 965 F-35s have been delivered and more than 430,000 sorties completed.

    Diana Maurer is director of defense capabilities and management at the Government Accountability Office, the government’s own watchdog that earlier this year described the F-35 program as “more than a decade behind schedule and $183 billion over original cost estimates.”

    She said pilots frequently report being impressed by the plane’s capabilities. But they also report not being able to fly it often enough.

    Problems getting spare parts, issues with repairs and a reliance on contractors all contribute to the F-35 having a substandard readiness and frequent groundings of the fleet.

    “There’s a variety of reasons why they can’t get these aircraft up in the air as often as they would like,” Maurer said. “And that’s really frustrating from a taxpayer perspective for something that already costs hundreds of millions of dollars a year; cost many, many multiple billions already; and will cost nearly $2 trillion over the life cycle of the program.”

    Grazier said officials at the Pentagon have acknowledged problems with the F-35 that can be applied to the design process in the future. But this is a program that evolved over successive presidencies and with a rotating cast of characters in charge both in Congress and at the Pentagon.

    The system is supposed to have safeguards against extreme cost overruns, but when those warnings were triggered in previous decades, the F-35 program was allowed to barrel forward. And here we are.

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  • Analysts Set Lockheed Martin Co. (NYSE:LMT) Price Target at $499.43

    Analysts Set Lockheed Martin Co. (NYSE:LMT) Price Target at $499.43

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    Shares of Lockheed Martin Co. (NYSE:LMTGet Free Report) have earned a consensus recommendation of “Hold” from the fifteen brokerages that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $499.43.

    A number of equities analysts recently commented on LMT shares. Sanford C. Bernstein lifted their price objective on Lockheed Martin from $478.00 to $496.00 and gave the stock a “market perform” rating in a research note on Thursday, April 20th. Wells Fargo & Company lifted their target price on shares of Lockheed Martin from $433.00 to $440.00 in a research note on Wednesday, July 19th. Robert W. Baird cut shares of Lockheed Martin from an “outperform” rating to a “neutral” rating and set a $513.00 price target on the stock. in a research report on Wednesday, April 12th. JPMorgan Chase & Co. lifted their price objective on Lockheed Martin from $480.00 to $500.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 19th. Finally, Credit Suisse Group upped their target price on Lockheed Martin from $510.00 to $550.00 and gave the company an “outperform” rating in a research report on Wednesday, April 19th.

    Lockheed Martin Trading Down 0.5 %

    LMT opened at $445.72 on Thursday. The company has a market cap of $112.25 billion, a P/E ratio of 16.30, a PEG ratio of 2.55 and a beta of 0.65. The company has a current ratio of 1.36, a quick ratio of 1.16 and a debt-to-equity ratio of 1.87. The company’s 50 day moving average is $456.47 and its 200-day moving average is $465.01. Lockheed Martin has a 1-year low of $381.55 and a 1-year high of $508.10.

    Lockheed Martin (NYSE:LMTGet Free Report) last posted its earnings results on Tuesday, July 18th. The aerospace company reported $6.73 EPS for the quarter, beating the consensus estimate of $6.45 by $0.28. The firm had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $15.92 billion. Lockheed Martin had a return on equity of 71.67% and a net margin of 10.48%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period last year, the company earned $6.32 earnings per share. Equities research analysts predict that Lockheed Martin will post 27.08 earnings per share for the current fiscal year.

    Lockheed Martin Dividend Announcement

    The firm also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 1st will be issued a $3.00 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.69%. Lockheed Martin’s dividend payout ratio is presently 43.88%.

    Insider Activity

    In other news, Director John Donovan bought 548 shares of the stock in a transaction dated Wednesday, July 19th. The stock was bought at an average price of $457.07 per share, for a total transaction of $250,474.36. Following the completion of the acquisition, the director now directly owns 3,378 shares in the company, valued at approximately $1,543,982.46. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

    Institutional Inflows and Outflows

    A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LMT. Grey Fox Wealth Advisors LLC purchased a new stake in Lockheed Martin during the fourth quarter valued at about $27,000. Okabena Investment Services Inc. purchased a new stake in shares of Lockheed Martin during the 4th quarter valued at approximately $28,000. Edmond DE Rothschild Holding S.A. boosted its holdings in Lockheed Martin by 100.0% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 60 shares of the aerospace company’s stock worth $28,000 after buying an additional 30 shares during the period. Mendota Financial Group LLC purchased a new position in Lockheed Martin in the 4th quarter valued at approximately $29,000. Finally, Coppell Advisory Solutions Corp. purchased a new position in Lockheed Martin in the 4th quarter valued at approximately $31,000. 75.28% of the stock is currently owned by hedge funds and other institutional investors.

    Lockheed Martin Company Profile

    (Get Free Report

    Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. It operates through four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.

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  • Bank of America, Morgan Stanley, Lockheed, Masimo, Novartis, and More Stock Market Movers

    Bank of America, Morgan Stanley, Lockheed, Masimo, Novartis, and More Stock Market Movers

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  • Lockheed Earnings Are Coming. Expect a Sales Miss.

    Lockheed Earnings Are Coming. Expect a Sales Miss.

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    Defense spending is on the rise around the globe. That’s good for Lockheed Martin’s business, but investors should still brace for a sales “miss” when the company reports first-quarter earnings on Tuesday morning.

    Wall Street is looking for per-share earnings of $6.05 from $15 billion in sales. A year ago,


    Lockheed


    (ticker: LMT) reported per-share earnings of $6.44 from sales of just under $15 billion.

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