Rolls-Royce Holdings plc (OTC Pink: RLLCF) stock spiked as much as 470% on Tuesday after announcing a new CFO over the weekend.
The company also trades on the London Stock Exchange under the ticker symbol LON: RR.
Rolls-Royce is probably best known for its ultra-luxury vehicles with price tags starting at $300K.
However, the company is also a leading manufacturer of aviation engines. The UK-based company supplies both Airbus (privately held) and The Boeing Company (NYSE: BA) with engines for many of their most popular aircraft.
The vast majority of commercial aviation engines are produced by General Electric Company (NYSE: GE), Pratt & Whitney (privately held), and Rolls-Royce.
The business has been hit hard after the travel industry was all but shut down in 2020.
Panos Kakoullis, who spent 30 years at the accountancy giant Deloitte has been named the new CFO.
According to a report from Sky News, Kakoullis “has no direct CFO experience at a FTSE-100,” which is the main stock index for the London Stock Exchange. The Sky report states that “One former colleague of [Kakoullis] said he was ‘ideally suited’ to the job, having advised blue-chip names including Tesco and Vodafone.”
Last year, Rolls-Royce cut 9,000 jobs and raised nearly $7 billion in new debt. This year, the company plans to temporarily close its jet-engine factories over the summer, which is expected to affect 19,000 employees.
Despite the challenges that lay ahead, U.S.-based traders piled into RLLCF stock when the market opened on Tuesday morning.
RLLCF closed at 1.7 cents per share on Friday. Tuesday morning, the price spiked as high as 9.8 cents per share, an increase of 470%. At writing, the stock is trading near 6 cents per share still up nearly 250% on the day.
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