Topic: How To Invest

Wall Street Stock Forecaster Hotline – Thursday, April 9, 2020

Article Excerpt

Arconic Inc. has completed its plan to break into two separate firms—Arconic Corp. and Howmet Aerospace. Each Arconic Inc. share automatically converted into one share of HOWMET AEROSPACE INC., $13.25, New York symbol HWM. Investors also received one share of ARONCIC CORP., $10.79, New York symbol ARNC, for every four shares they held. The new Arconic Corp. makes rolled products (aluminum sheets and plates), extruded products (aluminum rods, bars and tubes), and building and construction products. In 2019, this business had total revenue of $7.3 billion. The COVID-19 outbreak has hurt demand for its products. As a result, the new company has idled some of its facilities and slowed output at others. As well, a new cost-saving plan should cut its annual expenses by $150 million. It also plans to cut its 2020 capital spending by $50 million. The remaining operations, Howmet Aerospace, focuses on jet engine components, fasteners and forged aluminum wheels. It had revenue of $7.0 billion in 2019. Howmet is also seeing…