HWM - Why Shares of Air Lease Howmet and Triumph Group All Soared Higher Today
Airline shares rocketed higher on Monday, propelled by a promising development in the quest to find a vaccine for the novel coronavirus that causes COVID-19. That momentum extended to companies that rely on aviation for a significant portion of their revenue.
Shares of Air Lease Corp. (NYSE: AL) closed up 18%, and shares of Triumph Group (NYSE: TGI) and Howmet Aerospace (NYSE: HWM) both ended the day up more than 14%.
In a matter of a few months, airlines have gone from a focus on expansion to survival mode, trying to weather a severe drop-off in travel caused by the pandemic. That means grounding planes, cutting flights, and deferring new plane deliveries.