Why Shares of Triumph Group, Inc. Jumped 13% in September
Reversing course from the summer, during which the stock fell 17%, shares of Triumph Group (NYSE: TGI), a global leader in aerospace components and solutions, rose 13% in September according to S&P Global Market Intelligence. Besides two announcements that Triumph Group made during the month, news pertaining to government spending pleased investors and sent the stock soaring.
Triumph announced that Boeing (NYSE: BA) has selected the company as a major supplier for its T-X Air Force training jet. Uniquely designed for the Air Force training mission and as a replacement for the aging fleet of T-38 aircraft, Boeing's T-X is not a prototype; in fact, it is currently ready for production. The Air Force is expected to announce the contract award by the end of the year. According to Triumph's press release, the "initial acquisition, for 350 aircraft and the associated ground based training and support, is valued at up to $16 billion."
Image source: Getty Images.
Source: Fool.com
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