Lockheed Martin Lower After Q1 Miss And Mixed Guidance

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Lockheed Martin CorporationLMT
shares are trading lower by $7.30 at $268.91 in Tuesday's session. The issue is in the red after announcing a Q1 EPS miss of $0.18 along with slight revenue miss. The reason for that may be the mixed FY 2017 guidance that raised the sales outlook but cut EPS guidance.

One day removed from making an all-time-high ($276.64) and all-time-closing high ($276.21), the issue is now clinging to support at the $268.00 area.

After a lower open, it managed a brief pop but found resistance just above the lower-end of Monday's range ($274.31) at $274.50 and then continued its move lower. So far, the ensuing decline has found support in a familiar area as $268.26 stands as the current low for the session as of 11:55 a.m. EST.

Over the last eleven sessions, the issue has found support at the $268.00 area in six of those sessions. The lows have ranged from its April 17 low ($267.91) to its April 18 low ($268.22).

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Posted In: EarningsNewsGuidanceTechnicalsIntraday UpdateMoversTrading Ideas
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