AMSC Awarded Contract with Ingalls Shipbuilding
On May 13, AMSC (AMSC) announced that the company received a contract award from Huntington Ingalls Industries through its Ingalls Shipbuilding division. Under the terms of the contract, AMSC will provide a high temperature conductor-based ship protection system for the San Antonio class of amphibious transport dock ship. The system reduces the magnetic signature of the ship, which interferes with the ability of undersea mines to detect and damage the ship.
Sonal detected the news event and sent an alert at 4:05 pm on May 13. The next trade took place at the market open on the next day at $10.56. The stock price spiked higher at the open and then experienced a small pullback in the price before rising throughout the remainder of the trading session. AMSC closed at $11 for an event-day gain of 4.2%.
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