World's largest defense contractor reports earnings today

Market Talk

Lockheed Martin Corp. reports earnings today

Lockheed Martin Corp. is the largest defense contractor in the world, and is the maker of the F-35 Lightning II Joint Strike Fighter; C-130 Hercules; F-16 Fighting Falcon; F-22 Raptor; and C-5M Super Galaxy. Lockheed also manufactures the Terminal High Altitude Area Defense System, Joint Light Tactical Vehicle, PAC-3 Missiles, logistics, the Aegis Combat System, Littoral Combat Ship, MH-60 helicopter avionics, and military & commercial orders. Its Space Systems is engaged in commercial and military space systems.

• Lockheed Martin has a market capitalization of $124.2 billion and makes around $65 billion in annual sales

Lockheed Martin shares are traded on the New York Stock Exchange (NYSE) under the ticker symbol LMT

• LMT closed at $489.64 on Monday and has gained +5% during the previous 30 days
• LMT has been benefiting recently as countries around the world have been “reinforcing” their defense systems because of increasing geopolitical tensions
• Lockheed Martin reports earnings today and it's expected to earn $6.08 per share on $15 billion in revenue during the last 3 months

Analyst ratings accounting to the Wall Street Journal (WSJ) have12 month price targets ranging between $575 - $349 per share.

Lockheed Martin technical commentary: Long term uptrend remains intact

Lockheed Martin Corp. current price is in a long term (100 - 200 days) uptrend. Despite the prevailing long term uptrend, current price remains vulnerable to a downside price correction towards $475 in the very short term (5-13 days) provided the $498 (52 week high) resistance can not be overcome over the next 1-13 days. Upside prospects above $498 could place $537.55 in sight, while downside risk below $475 could open up the lower support near $421.53.

---

Upcoming Events:

12:30 PM UTC US Housing Starts due

• New home projects have a wide effect across the economy and is a leading economic indicator
• Housing Starts jumped +9.8% during February (previous reading)

Today’s economic calendar

Earnings Season:

On deck today:

---

Today’s trading bullets

SPX500 Index remains bullish

• SPX500 Index is in an uptrend. This can be technically supported by observing higher tops and higher bottoms on price since the March 13, 2023 lows (see chart 1). The clearing above the key resistance near the 4,120s has opened the prospects for a price extension toward the 4,195s while downside risk below 4,120 was spotted near the lower support 4,009.

GBP / USD vulnerable to downside “correction”

• GBP / USD despite the prevailing multi-week uptrend which started from the March 8th, 2023 lows, the current price is vulnerable to a short term (5-13 day) downside price correction before there’s any chance that the prevailing uptrend can resume. Downside risk below 1.2360 support places 1.2190s in sight, while upside price extension towards 1.26 remains on the table provided price can clear above the 1.2525 resistance.