What Happened? Shares of data-mining and analytics company Palantir (NYSE:PLTR) fell 14.5% in the morning session after CEO Alex Karp announced a plan to sell up to 9.98 million shares worth $1.2 billion.

Palantir (PLTR) stock is tumbling 11% after its CEO implemented a new stock-trading plan and a report stated that the Pentagon would look to cut its spending significantly. Meanwhile, investment bank Wedbush defended PLTR stock.

Palantir Technologies' stock price dropped 12.9% due to the Pentagon's budget cut and Alex Karp''s trading plan, but there's more.

Palantir Technologies Inc (NASDAQ:PLTR) shares are trading lower Thursday, adding to losses from Wednesday due to the potential for new defense spending cuts.

Palantir has been on a tear, gaining roughly 800% over the past three years, but two developments this week have sent the stock reeling. First, reports emerge