logo-loader

Late Movers: Arconic tumbles as board decides against sale, scuttling potential deal with Apollo

Other stocks that moved included Stanley Black & Decker, eBay, Johnson & Johnson and Halliburton

ebay logo
EBay rose as an activist hedge fund recommended a StubHub spinoff

Arconic Inc (NYSE:ARNC) tumbled after announcing that its board has decided that it’s no longer pursuing a sale of the company. The private equity firm Apollo Global Management LLC had been pursuing a deal to acquire the metals manufacturer for more than $10 billion, The Wall Street Journal reported.

Shares fell 16% to $17.09.

Stanley Black & Decker Inc (NYSE:SWK) sank after reporting that its fourth-quarter gross margin declined by 2.8 percentage points to 33.3%. The tools company cited “headwinds” including commodity inflation and tariffs.

The stock dropped 15.5% to $115.69.

EBay Inc (NASDAQ:EBAY) rallied as the activist hedge fund Elliott Management Corp said it had a 4% stake in the online auction company and recommended the spinoff of StubHub and the classified-ads business.

The stock was up 6% to $32.90.

Johnson & Johnson (NYSE:JNJ) declined after reporting that it expected adjusted earnings per share of $8.50 to $8.65, compared with the $8.61 forecast by analysts. The company did post fourth-quarter earnings that beat estimates.

The stock fell 1.4% to $128.92 after rising in premarket trading.

Halliburton Co (NYSE:HAL) slipped as it reported that North America revenue in the fourth quarter was $3.3 billion, an 11% decrease from the prior quarter. The oil services company swung back to profit during its latest quarter with earnings that topped analysts' forecasts.

The stock decreased 3% to $31.26.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

PFS values Infinity Lithium's flagship San José project at US$860mln

Infinity Lithium Corporation Ltd's (ASX:INF) executive director of corporate strategy Vincent Ledoux Pedailles chats to Proactive London's Andrew Scott following the publication of a PFS (pre-feasibility study) for the development of its flagship San José lithium project in Spain. The study...

53 minutes ago

2 min read