Why CPS Technologies Stock Surged Today
Shares of CPS Technologies (NASDAQ: CPSH) soared on Thursday, extending their gains since the advanced materials manufacturer announced a purchase order from the U.S. Navy on Tuesday. By the close of trading, its stock price was up 25.8% after rising as much as 81.4% earlier in the day.
CPS Technologies' patent-protected HybridTech Armor Panels will be installed as the strike face of ballistic shields on a U.S. Navy aircraft carrier. The panels will help protect sailors operating the ship's crew-served weapons stations.
"CPS is very pleased to be making a significant contribution to the safety of our men and women in uniform," CEO Grant Bennett said in a press release. "This purchase order is the culmination of many years of research and development, testing, prototyping, and design to apply the beneficial properties of metal-matrix composites to armor at scale."
Source Fool.com
