Trump Picks Boeing Over Lockheed for Fighter Jet Contract

U.S. President Donald Trump awarded Boeing on Friday the contract to build the U.S. Air Force's most sophisticated fighter jet yet, handing the company a much-needed win and boosting its shares.

The Next Generation Air Dominance program will replace Lockheed Martin's F-22 Raptor with a crewed aircraft built to enter combat alongside drones.

Trump, the 47th president, announced the new jet's name, the F-47.

"We've given an order for a lot. We can't tell you the price," Trump told reporters in the Oval Office.

Boeing shares rose 5% after the U.S. company beat out Lockheed Martin for the deal. Lockheed's shares fell nearly 7%.

"Our allies are calling constantly," Trump added, saying foreign sales could be an option. "They want to buy them also."

For Boeing, the win marks a reversal of fortune for a company that has struggled on both the commercial and defense sides of its business. It is a major boost for its St. Louis, Missouri, fighter jet production business.