The withdrawal of a buyout proposal typically leads to a decrease in the stock price of the target company due to reduced investor optimism and potential for acquisition premium. As Terran Orbital was directly affected by Lockheed Martin's decision, the impact on its stock is significant and negative.

While the withdrawal of a buyout offer might suggest a shift in Lockheed Martin's strategic or financial priorities, the direct impact on its stock price is less clear without further details on the reasons behind the decision. The effect is likely neutral in the short term, pending further clarification or strategic announcements from Lockheed Martin.