Why Shares of Allegheny Technologies Soared in June
Shares in heavy performance materials and components manufacturer Allegheny Technologies (NYSE: ATI) soared 17.4% in June, according to data from S&P Global Market Intelligence. The move comes after the market took a more positive outlook on the industrial stock's end market prospects.
It's not been an easy year for the company. The company's significant exposure to aerospace, automotive, and oil and gas markets has negatively affected sentiment around the stock. In fact, it would be hard to find three sectors of the industrial economy that have seen their near-term earnings prospects affected more by the COVID-19 pandemic. For reference, the commercial jet engine and airframe segments contributed 43% of Allegheny's sales in the first quarter, with energy contributing 18%.
Rolled steel. Image source: Getty Images.
Source Fool.com
