TGI - Stock Market News: Why HP Stock Sank While This Aerospace Stock Flew Higher
Thursday morning was relatively quiet on Wall Street, as major market benchmarks posted modest gains. Investors once again had to confront the difficult economic realities of the coronavirus pandemic, with 2.1 million more first-time claims for unemployment benefits weighing on market sentiment. Nevertheless, many remain optimistic about the prospects for economic reopening in many locations to start pushing activity levels in the right direction. Just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 110 points to 25,658. The S&P 500 (SNPINDEX: ^GSPC) rose 15 points to 3,051, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 51 points to reach 9,463.
The peak of earnings season is well past us now, but a few companies are still reporting their latest financial results. For tech giant HP (NYSE: HPQ), the news wasn't as good as many investors had hoped. However, even though the aerospace industry has taken a huge hit from the COVID-19 pandemic, Triumph Group (NYSE: TGI) managed to wow shareholders with a strong financial performance in the past few months.
HP's stock dropped more than 12% Thursday morning following the release of its fiscal second-quarter financial report late Wednesday afternoon. The tech company managed to take advantage of some opportunities that stemmed from the pandemic, but the ill effects on large parts of its business overshadowed those minor success stories.