TGI - Why Triumph Group Shares Are Plunging Today
Shares of Triumph Group (NYSE: TGI) surged 13% higher on Friday on rumors the aerospace supplier could be a takeover target. But the stock came back down to earth on Monday, declining 21% as of 1 p.m. EST.
Triumph has been a tough business to love over the years. The stock lost about 70% of its value from midyear 2013 to the end of 2019 due to profitability issues. CEO Daniel J. Crowley was hired in 2016 with a plan to simply operations, shed underperforming units, and improve profitability. And while he has made progress, it is a multiyear challenge.
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Why Triumph Group Shares Are Plunging Today