Why Textron Stock Popped 12.2% Today
Shares of Textron (NYSE: TXT) were up 12.2% today. No great mystery there. For one thing, most stocks were up Friday as investors cheered news that Gilead Sciences may have found a cure for the coronavirus. The S&P 500 as a whole was up close to 3% on that news. But there's also good reason for the gain in the stock of defense contractor Textron.
Textron's LCAC 100 class. Image source: Textron Systems.
Thursday night, the Pentagon's daily digest of military contract awards named Textron as the winner of a $386.3 million contract to build 15 landing craft, air cushion (LCAC) for the United States Navy. These LCACs, better known as hovercraft, are one of the means by which Marines conduct beach assaults from Navy warships. The contract in question, for construction of LCACs numbers 109 through 123, will be completed over the next roughly five years, with delivery of the final craft due January 2025.
Source Fool.com
