Comtech Receives $123.6 Million Contract from U.S. Army
On March 5, Comtech Telecommunications Corp. (CMTL) announced that its Command and Control Technologies group received a three-year contract from the U.S. Army worth $123.6 million. Under the contract, Comtech will provide ongoing sustainment services for the AN/TSC-198A SNAP (Secret and Non-classified Internet Protocol Router Access Point), Very Small Aperture Terminals. SNAP terminals provide quick, mobile satellite communications abilities for soldiers in the field.
Sonal received the news and issued an alert to subscribers at 10:00 am. The next trade took place at 10:01 am for $23.16. Comtech stock closed higher on the day of the announcement and continued to increase over the next five trading sessions. The stock closed at $30.74 on March 12, which equaled a gain of almost 33% in the week after the announcement.
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