CAAP - Why Shares of Corporacion America Airports Are Soaring Today
Shares of Corporacion America Airports (NYSE: CAAP) gained more than 50% on Tuesday morning after the airport operator announced a 10-year extension to operate airports in Argentina. Airports in Argentina represent a significant portion of CAAP's overall portfolio, and investors are breathing a sigh of relief in sending the shares higher.
Airports, like the airlines that use them, have been hit hard by the COVID-19 pandemic. With travel demand down, so too is airport revenue, leading airport owners and operators to rethink spending plans.
CAAP shares lost about 75% of their value in March as the pandemic intensified, and were still down about 50% for the year heading into Tuesday trading on uncertainty about what the future would look like for the airport operator.
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Why Shares of Corporacion America Airports Are Soaring Today