Shares of Allegheny Technologies (NYSE: ATI) took flight on Thursday, gaining more than 10% after the specialties metals manufacturer delivered solid third-quarter results and provided optimistic guidance about the fourth quarter. Allegheny makes specialty metal alloys and high-performance materials for the aerospace, defense, energy, and electronics markets, and due to its exposure to aerospace the company was hit hard by the pandemic and its impact on the airline industry. CEO Robert S. Wetherbee said in a statement that commercial aerospace is "showing ongoing signs of recovery," enabling the company to begin to normalize operations.
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