Why Shares of Allegheny Technologies Fell Today
Shares of Allegheny Technologies (NYSE: ATI) fell 15% on Wednesday due to growing concerns about future demand for new airplanes. The COVID-19 coronavirus is creating havoc with airlines, and could cause Boeing and Airbus orders to be delayed or canceled.
Allegheny, a specialty metals producer focused on aerospace and defense applications, has been under careful scrutiny for a year now due to the company's exposure to Boeing's troubled 737 MAX program. The company has managed through that downturn better than feared, but the aerospace componenst supplier faces fresh challenges ahead.
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Source Fool.com