{"id":1082,"date":"2026-06-16T12:10:53","date_gmt":"2026-06-16T12:10:53","guid":{"rendered":"https:\/\/corporate-movers-usa.com\/?p=1082"},"modified":"2026-06-16T12:10:53","modified_gmt":"2026-06-16T12:10:53","slug":"this-philly-based-steel-stock-has-rocketed-as-spacex-shot-up","status":"publish","type":"post","link":"https:\/\/corporate-movers-usa.com\/?p=1082","title":{"rendered":"This Philly-based steel stock has rocketed as SpaceX shot up"},"content":{"rendered":"<div>\n<div>\n<div><audio><\/audio><\/div>\n<\/div>\n<p>It\u2019s not just SpaceXon the rise.<\/p>\n<div><\/div>\n<p>Elon Musk\u2019s company that runs the Starlink communications network, launches rockets for NASA, and develops artificial intelligence software raised more than $75 billion from investors last week \u2014 a record initial public stock offering (IPO) for a company fast-burning through billions in investor dollars in hopes of future profit. <\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=1080\">Inside Cherry Hill\u2019s renovated H Mart | Inquirer South Jersey<\/a><\/p>\n<div><\/div>\n<div><\/div>\n<p>SpaceX is just the flashiest of a string of industrial stocks that have soared as orders for missiles, drones, and other war machines, as well as civilian aircraft and rockets, pile up. S&amp;P\u2019s Aerospace and Defense Select Industry Index is up 44% over the past year vs. 24% for the broader S&amp;P 500 stocks, even with Google, Nvidia, and other AI-linked stocks leading the 500.<\/p>\n<div><\/div>\n<p>The share price for Philadelphia-based Carpenter Technology is up 125%, almost three times as much as that index of aerospace and defense stocks. <\/p>\n<div><\/div>\n<p>Carpenter does $3 billion in annual sales, melting or grinding iron, tungsten, cobalt, and other metals into super hard or relentlessly flexible alloys used in stainless steel and other specialty parts by military, commercial airliner, medical, industrial, and space equipment makers. <\/p>\n<div><\/div>\n<p>The company operates plants in Reading, Berks County; Latrobe and other Western Pennsylvania towns; and around Athens, Ala. It has a finishing plant in China and distributors worldwide. Carpenter\u2019s large customers include passenger jet and military aircraft maker Boeing and European aerospace giant Airbus. <\/p>\n<div><\/div>\n<div><\/div>\n<p>CEO Tony Thene has said space is a fast-growing growing part of Carpenter\u2019s customer base, exciting some investors into expecting the company will share SpaceX\u2019s gains. <\/p>\n<div><\/div>\n<p>Thene, who is stepping down at the end of the month, hasn\u2019t said SpaceX is a customer. Chief operating officer Brian Malloy will take over leading the company.<\/p>\n<div><\/div>\n<p>Investor Louis Navellier was quoted last month as saying he\u2019d rather own Carpenter, which makes the metals used by SpaceX and other aerospace companies, and its larger customer, Pittsburgh-based Howmet Aerospace, than SpaceX itself, at recent valuations.<\/p>\n<div><\/div>\n<p>In an article in Barron\u2019s, also last month, polled analysts predicted Carpenter stock would rise into the high $500s \u2014 as it has in the four weeks since. <\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=1078\">History suggests there won\u2019t be enough political will for \u2018freedom cities\u2019 to achieve their promise<\/a><\/p>\n<div><\/div>\n<div><\/div>\n<p>That price is above the targets set by analysts at Bala Cynwyd-based Susquehanna International Group and Wall Street brokerages after Thene reported earnings at the end of April. At that time, Carpenter officials predicted stronger than expected sales and higher profits, to be split between investor dividends and new furnace equipment. <\/p>\n<div><\/div>\n<p>Carpenter at recent valuations is worth around $30 billion, roughly as much as Hershey or Kraft Heinz, whose sales are much larger, and almost as much as gas-drilling giant EQT, based in Pittsburgh. <\/p>\n<div><\/div>\n<p>Shares of area aerospace manufacturers such as Ametek, which has its headquarters in Berwyn and plants around the world, and Innovative Aerosystem, of Exton, are also up significantly over the past year.<\/p>\n<div><\/div>\n<p>Triumph Group, an aerospace manufacturer based in Radnor, was bought by private equity companies last year. Growth at privately held Piasecki Aircraft has slowed after delays in private and government contracts.<\/p>\n<div><\/div>\n<p>Howmet, with $8 billion in yearly sales to Carpenter\u2019s $3 billion, hasn\u2019t boosted its share value as fast in past year, but it has risen enough to become the most valuable company in Pennsylvania, the only company whose shares are worth over $100 billion on the stock market. <\/p>\n<div><\/div>\n<p>That\u2019s more valuable than companies with much larger sales, such as Philadelphia-based media giant Comcast; mega-drug distributor Cencora of Conshohocken, or Pittsburgh\u2019s PNC, the nation\u2019s fifth-largest bank. <\/p>\n<div><\/div>\n<p>At today\u2019s share prices, many times earnings or projected future profits, investors are gambling that suppliers like Carpenter and Howmet \u2014 and SpaceX, the spaceship builder \u2014 will grow a lot faster than the economy as a whole.<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=1076\">A complete guide to Cherry Hill\u2019s newly improved H Mart<\/a><\/p>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Carpenter Technology and other Pennsylvania aerospace stocks have zoomed alongside Spacex as military, aerospace spending surge.<\/p>\n","protected":false},"author":1,"featured_media":1081,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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