Hot Stocks Of The Day: CMTL, TXT, CYT
Wednesday, July 21, 2021 2:59 PM

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US stocks slumped on Wednesday as investors turned cautious after Federal Reserve Chairman Ben Bernanke said that the outlook for the economy is unusually uncertain. 

Comtech Telecommunications Corp. (NASDAQ: CMTL) sank as much as 33% on Tuesday after it announced that its Maryland-based subsidiary, Comtech Mobile Datacom Corporation, has been informed by the U.S. Army Contracting Command-CECOM Contracting Center that it was not selected as the program manager and vendor for the Force XXI Battle Command Brigade and Below, Blue Force Tracking 2 (FBCB2-BFT-2) program.

Textron (NYSE: TXT) shares jumped more than 8% after it reported that it swung to a second-quarter profit of $82 million, or 27 cents per share, compared with a loss of $58 million, or 22 cents a share, in the same period last year. Revenue grew 4 percent to $2.71 billion. Analysts, on average, expected the company to report earnings of 9 cents a share on revenue of $2.5 billion.  The company also lifted its 2010 earnings guidance from a range of 30 to 50 cents a share to between 55 to 65 cents a share, excluding one-time items.

Shares of Cytec Industries Inc. (NYSE: CYT) jumped more than 15% after the company said that it swung to second quarter profit of $61.8 million, or $1.24 per share, compared with a loss of $24.8 million, or $0.52 per share, in the comparable quarter last year. The company also boosted its full-year financial guidance.

Disclosure: Author doesn’t own any of the stocks discussed here.

 

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