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Lockheed Decision Sends This Satellite Stock Tumbling 20%

Lockheed Decision Sends This Satellite Stock Tumbling 20%

Lockheed Martin said it won’t buy a satellite start-up, sending shares of the latter sharply lower. The defense company said in a regulatory filing on Thursday that it withdrew its $1 per share bid for the stock in satellite solutions provider Terran Orbital that it doesn’t already own. Terran stock was down 20.% in Friday’s premarket trading at $1.03 a share, while and futures were up 0.3% and 0.6%, respectively.