Lockheed Martin Corp. caught investors off guard with $1.6 billion in charges and a possible tax hit that sent its stock tumbling, the latest setback for the defense giant whose popular F-35 jet faces criticism over cost overruns and delays.

Lockheed Martin reported on Tuesday that its second-quarter profit plunged by about 80%, after the U.S. defense group recorded a pretax loss of $1.6 billion, mainly linked to a classified program within its Aeronautics segment,

Shares of security and Aerospace company Lockheed Martin (NYSE:LMT) fell 6.6% in the morning session after the company reported disappointing second-quarter results and sharply lowered its full-year profit forecast.

Live Updates Live Coverage Has Ended Lockheed Down 6.4% 10:54 am by Eric Bleeker Lockheed shares are down 6.4% in morning trading. Extra salt in the wounds of Lockheed investors comes compliments of Northrop Grumman,

Although Lockheed executives remain bullish on the secretive programme's long-term prospects, the effort generated $950 million in losses during the recent second quarter, tied to setbacks with design,

Shares in the retailer jumped 38% as investors discussed whether it was the next meme stock. The heavily-shorted shares are still down nearly 30% over the past year. Target (TGT) s

Shares of Lockheed Martin were trading at $463.96 as of July 18. Over the last 52-week period, shares are down 7.63%. Given that these returns are generally negative, long-term shareholders are likely unhappy going into this earnings release.

I maintain a bullish stance on the defense sector, and I'm bullish on both RTX as well as Lockheed Martin (LMT). See why RTX takes the crown in this matchup.