The shares closed up $1.69, or 3.60% at $48.57. The stock is at its highest level since January, and today's was its biggest gain since March.
According to data from Bloomberg, Textron shares are trading 8.7% below the Bloomberg consensus one-year target price and today's volume is triple its trading average. Bloomberg also shows much heavier than normal volume in Textron options trading Thursday.
The shares are up 1.2% for the quarter to date and have fallen 0.7% so far this year.
Textron posted lower-than-expected quarterly revenue on April 19 and said a drop in sales in its aviation and Bell helicopter unit was to blame.
It also cut its full-year earnings forecast to account for its recent acquisition of snowmobiles maker Arctic Cat acquisition. It now expects to earn $2.40-$2.60 per share, down from a previous $2.50-$2.70.
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