Lockheed Declines as IT Spinoff Profit Boost Trails Forecast

  • Defense contractor repurchased fewer shares than expected
  • Stock falls by most since Jan. 2014 as transaction completed

Lockheed Martin Corp. tumbled the most in more than two years after disclosing that a $4.6 billion spinoff of its information-technology division to Leidos Holdings Inc. would provide less of an earnings boost than investors expected.

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