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Stock Alert: CAE Up 14%

Shares of Canadian flight training company CAE (CAE.TO) are currently up 14 on Tuesday morning.

The company on Monday announced it has temporarily closed three commercial aviation training centers and is laying off 465 manufacturing workers, as the aviation and aircraft industry sector struggles amid the coronavirus outbreak.

CAE President and CEO Marc Parent reportedly said on Tuesday that it will evaluate the issue in the "coming days."

Further, the company said its senior leadership will see a 50 percent pay cut, while vice presidents' salaries will be reduced by 30 percent. Managers and directors will receive 20 percent cuts, while all others will see their salaries reduced by 10 percent.

The company also said it has reduced capital expenditures to "minimum levels," reduced operating hours and adjusted staffing at centers with lower demand and asked all employees to work from home.

CAE is currently trading at $11.19, up $1.25 or 12.58%, on the NYSE.

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