Robert J. Stevens, Lockheed Martin's CEO, went to Capitol Hill on July 18 to deliver a warning: If Congress does nothing to halt another $500 billion in automatic cuts to U.S. defense spending due to begin next January under a process known as “sequestration,” the Pentagon's largest contractor will be forced to hand out 10,000 pink slips, riffing 8% of its workforce. Six days later, Stevens—who is retiring as CEO at the end of the year—had a more upbeat message for investors. Lockheed ...

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