Why Atlas Energy Solutions Surged Almost 14% Higher on Friday
The company announced not one but two cost-reimbursement contracts with a major client.
Overview
Atlas Energy Solutions (NYSE: AESI) stock was the solution for an ailing portfolio on Friday. The company, which provides equipment and materials used to extract oil and gas and has recently branched out into power generation, saw its shares rocket nearly 14% higher on the signing of two advantageous new contracts.
Before market open that morning, Atlas revealed that two wholly owned, indirect subsidiaries had signed cost reimbursement agreements. The counterpart is what the company described as a "leading" frontier artificial intelligence (AI) lab that it did not name. The work involves providing supporting equipment and incremental power-generation assets for data centers.
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Details
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Originally published at www.fool.com.