1325 ET - Parsons Corporation climbs 6% following a 4% after-the-bell selloff in the wake of cut to its FY2025 revenue outlook. The defense engineering company attributed its move to a State Department reorganization that created uncertainty around a confidential contract. Benchmark analyst Josh Sullivan says Wall Street was already at the lower-end of the guidance range given concerns around exposure to contracts related to foreign aid. "Net, net these classified State Department contracts were likely PSN's largest exposures to the Trump Administrations recent reorganization and parallel DOGE efforts," Sullivan says. (katherine.hamilton@wsj.com)
(END) Dow Jones Newswires
June 03, 2025 13:25 ET (17:25 GMT)
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