Why Allegheny Technologies Shares Are Soaring Today

Shares of Allegheny Technologies (NYSE: ATI) gained as much as 19% on Wednesday after the aerospace component supplier reported earnings that easily beat expectations. Allegheny was upbeat about future quarters as well, helping to fuel the stock's surge higher.

Allegheny is a specialty metals company that makes components for a range of industries, but with a heavy emphasis on aerospace. That business was hit hard by the pandemic, which caused airlines to abandon expansion plans and ate into demand for new planes. Shares of Allegheny lost more than half of their value in the early days of the pandemic, and the stock has not yet fully recovered.

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Source Fool.com