MarketWatch.com - MarketPulse
NEW YORK (MarketWatch) -- Shares of Force Protection Inc. fell more than 30% Wednesday, striking a 52-week low after the U.S. Department of Defense awarded the company a smaller-than-expected contract for its mine resistant ambush protected vehicles, or MRAPs. The military said late Tuesday it would order an additional 3,126 MRAPs, with the largest order going to privately-held International Military and Government LLC for 1,500 vehicles. Large orders were also received by Stewart and Stevenson Tactical Vehicle and BAE Land Systems . Force Protection was asked for 358 MRAPs, or about 11% of the total order. Earlier Friedman Billing Ramsey downgraded the South Carolina company because the firm no longer believed it could win an expected 40% of the new contract. Force Protection shares recently traded at $4.09.