Arconic tumbles 10% as Q3 EPS misses, new CEO comes with strong GE ties [Seeking Alpha]
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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arconic.com/global/en/investors/overview.asp
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Source: Seeking Alpha
Arconic tumbles 10% as Q3 EPS misses, new CEO comes with strong GE tiesArconic's (NYSE:ARNC) 10.4% plunge in today's trade sent the stock to thebottom of the S&P 500, reversing a premarket gain, after missingQ2 earnings estimates because of rising aluminum prices and higher than expected costs supplying parts for new jet engines.Today’s selloffreflects investors’ anxiety about “the lack of visibility on jet engine [parts] and the costs associated with them,” says Seaport Global analyst Josh Sullivan.But Bloomberg's Brooke Sutherland thinks another reason may have been the announcement of anew CEO who has spent much of his career at GE's jet engine business, one of the parts of the company that's actually performing well.After all, "it'snot a great time to have GE in your headlines," Sutherland writes. GE's "cash crunch and colossal earnings miss have undermined its status as a standard of operational excellence, [and] expertise from inside a conglomerate may not be the 'get' it once w
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