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ARNC

Arconic

$27.81

0.305 (1.11%)

15:48
03/20/17
03/20
15:48
03/20/17
15:48

Elliott says Arconic's press release fails to answer shareholder questions

Elliott Management, which manages funds that collectively beneficially own a 13.2% economic interest in Arconic sent a letter to the Arconic Board demanding a full, fair and independent accounting of the secret vote-buying agreement that was only disclosed for the first time on March 13. Elliot continued, "The company's press release, which announced that the voting lock-up had been waived, fails to answer shareholders' existing questions and raised new questions that demand answers. In its letter to the Board, Elliott provided a list of questions that, at minimum, shareholders deserve answers to. Elliott also called for the immediate dismissal of those found to have been responsible for the illicit vote-buying deal." The letter said in part: "Last Thursday, we sent you a letter detailing management's diversion of corporate assets for its own benefit related to a vote-buying agreement that was deliberately concealed, likely in violation of applicable law, from the company's shareholders for the better part of a year...This morning, in a brief statement, the company announced it would waive the provisions of that agreement. This is a necessary step, but it is hardly sufficient. The problem with the Secret August Voting Lock-up wasn't just that it affected the company's upcoming proxy contest, but that it looks to have been contrary to law, contrary to the company's own Code of Ethics, and contrary to the fundamental principles of shareholder trust. In executing the vote-buying agreement, management traded shareholder value for votes promoting its own entrenchment and that of the Board. The Board cannot simply "waive" the terms of the agreement and act as if nothing implicating management integrity ever happened. ..In our letter last week, we expressed our disbelief - which we know is widely shared by other Company shareholders - that the Board could possibly have been made aware of or approved of this arrangement or the efforts undertaken to cover it up. Today's statement, though lacking in detail, seems to confirm our belief. But unfortunately, today's statement also suggests the Board is not treating these illicit dealings with the necessary gravity. It cannot be the ongoing responsibility of the shareholders to police management misconduct"

ARNC Arconic
$27.81

0.305 (1.11%)

11/07/16
MSCO
11/07/16
INITIATION
Target $19
MSCO
Equal Weight
Arconic initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Rajeev Lalwani initiated Arconic with an Equal Weight and a $19 price target and would wait for a better entry point before becoming more constructive on shares.
12/01/16
DBAB
12/01/16
INITIATION
Target $26
DBAB
Sell
Alcoa initiated with a Sell at Deutsche Bank
Deutsche Bank analyst Jorge Beristain initiated Alcoa (AA) with a Sell rating and $26 price target, following its spin-off from Arconic (ARNC), as he believes the roughly 30% run-up in the stock in the month since the break-up has moved its price to a level that more-than-fully reflects the value from Alumina Ltd. He also sees the company's complex structure and Arconic's pending 19.9% stake sales as added headwinds.
02/02/17
JPMS
02/02/17
UPGRADE
Target $46
JPMS
Overweight
Alcoa upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Gambardella upgraded Alcoa (AA) to Overweight saying the company, post the Arconic (ARNC) spin-off, is in a much better position to "weather weaker commodity price environments given the significant deleveraging of its balance sheet." Arconic absorbed most of Alcoa's consolidated debt, giving the latter "significant leverage" to recently rebounding alumina and aluminum prices, Gambardella tells investors in a research note. He raised his price target for Alcoa shares to $46 from $29.
02/10/17
FBCO
02/10/17
NO CHANGE
Target $33
FBCO
Outperform
Arconic price target raised to $33 from $27 at Credit Suisse
Credit Suisse analyst Curt Woodworth raised his price target for Arconic to $33 from $27 as he now incorporates more substantive cost reductions to account for more aggressive behavior from current management and the potential for more sizeable "shock therapy" if a new CEO is appointed following the annual meeting anticipated in early May. The analyst reiterates an Outperform rating on the shares.

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BVN

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BAS

Basic Energy

$28.67

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BAS

Basic Energy

$28.67

0.06 (0.21%)

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GE

General Electric

$25.79

0.2 (0.78%)

18:55
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AIV

Aimco

$44.01

0.13 (0.30%)

18:53
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NOV

National Oilwell

$33.71

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AIG

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$65.17

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$53.12

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$112.74

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HTBK

Heritage Commerce

$13.85

-0.14 (-1.00%)

18:24
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  • 01

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EGO

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$2.40

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EGO

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KVHI

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$11.25

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CASH

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$92.25

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SCG

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ATEN

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AMZN

Amazon.com

$1,046.00

-6.8 (-0.65%)

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AMGN

Amgen

$172.15

-3.74 (-2.13%)

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  • 14

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WDC

Western Digital

$91.98

-0.99 (-1.06%)

17:57
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