Why Shares of Allegheny Technologies Popped 13.3% on Thursday

Shares of Allegheny Technologies (NYSE: ATI) jumped as much as 13.3% in trading Thursday after the company reported third-quarter financial results. The stock was up 12.8% at 12:20 p.m. EDT and bouncing near new highs for the day. 

Quarterly revenue was $598 million, but Allegheny Technologies lost $50.1 million, or $0.40 per share, as commercial aerospace demand weakened due to COVID-19. Management highlighted that cash stood at $572 million at the end of the quarter with $950 million of total liquidity.

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Source Fool.com