NEW YORK (TheStreet) -- Shares of Allegheny Technologies (ATI) - Get Report are spiking 15.04% to $17.41 on heavy trading volume Tuesday afternoon after the company reported a narrower-than-expected loss for the 2016 second quarter.
Before today's opening bell, the Pittsburgh-based specialty materials and components producer posted a net loss of 18 cents per share, smaller than the loss of 37 cents per share analysts had projected.
Revenue for the period was $810.5 million, above analysts' estimates of $792.8 million.
"Sales to the aerospace and defense market continued to drive ATI's results, representing over 50% of total 2016 sales. Our commercial aerospace market growth is being driven in large part by the growth of ATI's next-generation mill products, forgings, and castings," CEO Rich Harshman said in a statement.
About 3.78 million of the company's shares changed hands so far today compared to its average volume of 3.03 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ATI