LMT - This Defense Stock Outperformed Every FAANG Company Last Year
2023-04-22 10:11:00 ET
2022 was not a fun year for FAANG investors. Every single one of the major technology giants saw their share prices fall by more than 25% last year, ending a decade-plus bull run that made these companies some of the most valuable in the world. Falling share prices for the technology giants brought down a lot of other stocks last year as well, some by as much as 80%. But not all stocks fell in 2022. Enter Lockheed Martin (NYSE: LMT) , one of the leading U.S. defense contractors, which saw its share price soar by over 40% during last year's bear market.
Lockheed Martin can be a fantastic defensive stock (pun intended) to balance out your high-growth portfolio. Here's why it held up so well in 2022 while technology, internet, and growth stocks were sputtering.
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This Defense Stock Outperformed Every FAANG Company Last Year