Howmet Aerospace Shares Drop After SpaceX Announces In-House Turbine Production
Howmet Aerospace (HWM:NYSE) shares fell nearly 8% on Monday following an announcement by Elon Musk that SpaceX plans to manufacture its own natural-gas turbine blades and vanes internally. The move raised concerns about the future demand for specialized components from suppliers like Howmet, which has been a key provider in this niche market. The stock closed at $244.95, down $19.90 on the day's trading volume. Investors are reacting to SpaceX’s vertical integration strategy as potentially reducing reliance on third-party aerospace component manufacturers.
Tickers: $HWM
Topics: Howmet Aerospace market reaction SpaceX supplier demand