BigBear.ai surges on shared $2.4 bln FAA contract award
** Shares of BigBear.ai BBAI.N soar premarket after artificial intelligence firm said received award as subcontractor to Concept Solutions (CS) to provide IT and emerging-technology services to the U.S. Federal Aviation Administration
** BBAI shares up 28.6% to $1.71. About ~9.4 mln shares have traded by 7:50 am ET, placing them among the most active across U.S. exchanges
** Privately-held CS one of 14 firms awarded the 10-yr, $2.4 bln FAA Information Technology Innovative Procurement Strategic Sourcing (ITIPSS) contract, BBAI announced late Tues
** Columbia, Maryland-based BBAI said will support CS to manage IT systems nationwide, support administrative, financial and security programs, assist with future technology modernization efforts
** Through Tues, BBAI shares down ~38% YTD. Stock well off 2024 intraday high of $4.80 hit in Mar
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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