L-3 Communications Holdings, Inc. (NYSE: LLL) stock opened and moved to around 78.60 after the news that they have cut their revenue and earnings for 2007. The reason for the cut is due to the loss of a contract to provide Arabic linguistists for the Army. The deal was said to be worth up to $4.65 billion.  The contract was instead awarded to DynCorp (NYSE: DCP) who is up 17% with the news that it has the contract. Overall, the loss of the contract to L-3 is going to hurt revenue forecasts by about half a billion for 2007. Although the stock opened dramatically lower, it seemed to increase slowly in early trading but then fell back again. This could be a long day for LLL shareholders. Volume on the stock is just exploding, it has already passed the average daily volume and the markets haven’t been open for very long! It has been a while since I have seen so many trades on a stock so quickly. This is all an interesting turn of events; just last week, Jim Cramer had this as one of his daily stock picks.