Shares in engineering contractor Fluor Corporation (NYSE: FLR) were up by more than 8% as of 3 p.m. Thursday. The move comes down to a significant contract win by a Fluor joint venture ahead of Fluor's third-quarter earnings announcement on Nov. 5.
The deal gives confidence to investors over the company's near-term future after management told investors that "the optimism in post-pandemic capital spending from clients is partially offset by concerns about cost growth for labor and materials" during the second-quarter earnings presentations.
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Why Shares in Fluor Corporation Soared Today