Why Shares of Textron Climbed 17% in May
Textron (NYSE: TXT) holders took a wild ride in May. The stock was down more than 10% mid-month after a lackluster earnings report, but it rallied in the final two weeks to close up 17.5%, according to data provided by S&P Global Market Intelligence.
Textron was having a difficult time even before the pandemic, but COVID-19 threatened to push the company's long-awaited recovery back even further.
The company makes a collection of industrial assets, including helicopters, business jets, snowmobiles, and military equipment. Its aviation unit, which includes Cessna and Beechcraft, has been a drag on overall results in recent years but was expected to rebound in 2020. The prospect of an extended economic downturn, and consumers' unwillingness to travel, made investors worry that rebound would not materialize.
Source Fool.com
