Why Allegheny Technologies Shares Popped 17.8% on Tuesday

Shares of Allegheny Technologies (NYSE: ATI) jumped as much as 17.8% in trading on Tuesday after the company reported first-quarter 2020 earnings. At 2:25 p.m. EDT today, shares of the specialty metals company were still up 15.8% and seemed to be holding on to the gains for the day. 

Quarterly revenue was down 5% versus a year ago to $956 million, although it was flat when accounting for divested businesses over the past year. Net income fell from $56.5 million a year ago to $21.1 million, or $0.17 per share. Adjusted earnings, which pull out one-time items, were $0.20 per share, up from $0.12 a year ago. 

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Source Fool.com