Palantir Plunges Over 10%! Defense Budget Cuts and CEO Karp's Trading Plan Weigh on Stock!

Shares of the high-flying Palantir Technologies (PLTR) were put under heavy pressure on Wednesday, February 19, 2025, after the Pentagon was instructed to prepare for budget cuts and CEO Alex Karp changed his stock sale plan. The shares fell over 10% by the close of trading to $112.06, and in after-hours trading, the stock was already down nearly 2%. US defense budget to be cut by 8% annually A memo from Defense Secretary Pete Hegseth urged senior Pentagon officials and other military leaders to prepare for a 8% annual cut to the defense budget...