Howmet Aerospace IncHWM
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Howmet Aerospace IncSpace Economy
Howmet Aerospace Slips 8% on SpaceX In-House Turbine Plan
Price Action
Howmet Aerospace shares fell nearly 8% on Monday after Elon Musk announced that SpaceX plans to cast its own natural-gas turbine blades and vanes in-house, raising concerns about demand for specialized suppliers like Howmet. The stock closed at $244.95, down $19.90 from the previous close of $264.85. Trading volume was about 8.83 million shares, roughly 4.17 times the average daily volume. The stock is now about 21% below its 52-week high of $310.00 and just above its 200-day moving average of $244.27. Howmet, which holds over 50% global market share in turbine blades, recently reported strong Q2 results with revenue up 24% year-over-year to $2.55 billion and raised its full-year guidance.
Howmet Aerospace Inc