ATI - $108.68 - Allegheny Tech
ATI fell back to support at the 50-day average and gave us our entry point at $110. This has been strong support in the past and should continue to be support. The dip came after RTI reported earnings of 95 cents that nearly double the comparison quarter but missed analyst estimates of $1.09. Banc of America upgraded the titanium stocks after the drop saying the fundamentals remained strong for at least the next three years and possibly well into the next decade.
Allegheny Technologies Incorporated (ATI) is a diversified specialty metals producer. The Company operates in three segments: High Performance Metals, Flat-Rolled Products and Engineered Products. The High Performance Metals segment produces, converts and distributes a range of high-performance alloys, including nickel and cobalt-based alloys and superalloys, titanium and titanium-based alloys, zirconium, hafnium, niobium, nickel-titanium and their related alloys. The Flat-Rolled Products segment produces, converts and distributes stainless steel, nickel-based alloys, and titanium and titanium-based alloys. The Engineered Products segment produces tungsten powder, tungsten heavy alloys, tungsten carbide materials and carbide cutting tools. ATI products are used in various markets. These markets include aerospace, defense, chemical process industry, oil and gas, electrical energy and medical.
Breakdown target $110.00 hit 04/30