Why Shares of Magna International Jumped in February
Shares of Magna International (NYSE: MGA) hit the fast lane in February. The stock traded up 19% for the month, according to data provided by S&P Global Market Intelligence, as investors applauded the company's quarterly earnings report.
Magna is a Canada-based auto supplier, and like most in the automotive industry the company had challenges in the early part of 2020. The pandemic forced the company to temporarily halt production at more than 300 factories worldwide, and led to reduced sales as automakers trimmed the number of cars rolling off the line.
Image source: Getty Images.
Source Fool.com
