Parsons Corp. stock plummets 20% after losing $12B air traffic control contract to Peraton.

Parsons Corp. (PSN) fell 21.29% week-on-week after losing a $12.5 billion air traffic control system contract to Peraton. The FAA awarded the contract to Peraton due to its capabilities in integrating complex technology platforms and collaborating with federal agencies. Parsons acknowledged the importance of the air traffic control system and expressed readiness to support the FAA on existing contracts. Raymond James downgraded Parsons Corp. to market perform from strong buy.