North Alabama stocks lead myriad decliners
Stocks with north Alabama ties led a long list of decliners Friday on our Huntsville and Alabama Stock Report.
Carpenter Technology Corporation suffered the biggest drop, falling 4.9%. It is a leading producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels. The Philadelphia-based company has a major campus in Athens, Alabama, which is home to an advanced additive manufacturing facility and a research and development center.
Adtran, Huntsville-based telecommunications equipment company, lost 4.6%.
Northrop Grumman led the small contingent of gainers at 2.7%.
Overall, U.S. stocks mostly fell Friday after fears about war in the Middle East collided in financial markets with hopes for stronger profits at big U.S. companies.
Oil prices leaped, and Treasury yields fell after Israel’s military ordered the evacuation of northern Gaza ahead of a possible ground invasion, according to the United Nations, which warned of potentially “devastating humanitarian consequences.” But several U.S. banking giants at the same time said their profits during the summer were better than feared, which offered hope on Wall Street for an earning reporting season that may deliver the first growth for big companies in a year.