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Stock Alert: Manitowoc Moving Up 3%

Shares of lifting equipment maker The Manitowoc Company, Inc. (MTW) are climbing more than 3% Thursday morning at $10.68. Its 52-week range is $7.24- $18.55. There have been no stock-centric news that influenced the upward movement.

However, the US stocks are moving sharply higher in morning trading, with Nasdaq reaching a new record intraday high. This follows the release of a Labor Department report showing another record spike in employment in the month of June.

In May when the company reported first-quarter earnings, it said it was anticipating lower demand due to the Covid19 pandemic to continue in the near term. The company has reduced its production levels and a set of cost reduction actions are in place.

The stock has recovered nearly 50% from its 52 week low of $7.24 touched in April.

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