Why Array Technologies Jumped 11% Today
When Array Technologies (NASDAQ: ARRY) released its second-quarter report after the bell yesterday, the initial reaction was for shares to drop almost double digits. That was because the company announced it was raising up to $500 million in new capital. But investors reversed course today, with shares jumping 11% above Wednesday's closing price as of 2:50 p.m. EDT.
It shouldn't have taken much good news for the stock to move up. Prior to today's move, Array shares were down 65% year to date. Most of that came after its first-quarter earnings report, when the company pulled guidance, saying input costs -- especially steel -- were rising so quickly that the company couldn't predict if projects were going to be profitable. But yesterday's second-quarter update showed that the business is getting back on track.
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Source Fool.com
