Lockheed: A Lean, Mean Fighting Machine It Ain't

Is the world's biggest defense contractor, too big?

The snafus keep on coming at Lockheed Martin Corp., and Wall Street keeps on selling. A missile-defense program flops in trials. Delays plague satellite launches. A new cargo plane flunks de-icing tests. Then, a bombshell hits: For the second time in five weeks, the company downgrades earnings forecasts for both 1998 and 1999 because it can't get the goods to customers on time.

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