(NYSE: RTX), the giant aerospace conglomerate formed by the merger of the Raytheon defense company and United Technologies' airplane business, reported miserable earnings last week. Despite sales growing 8% year over year, RTX suffered a steep 91% collapse in second-quarter earnings, reporting just $0.08 per share.

And yet, despite the bad news, RTX stock is up more than 9% since reporting these earnings. Why is that?

Give investors some credit. On the face of things, RTX's earnings looked pretty miserable last week. But reading even just a little beyond the headlines showed some significant improvements at RTX.

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Source Fool.com