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ARNC

Arconic

$26.12

0.005 (0.02%)

10:26
04/21/17
04/21
10:26
04/21/17
10:26

Fitch: Settlement deal between Arconic, Elliott 'becoming more unlikely'

Elliott Management's proxy battle with Arconic could evolve into one of the most notable examples of shareholder activism this year, according to Fitch Ratings. U.S. corporations have become increasingly inclined to enter into amicable settlements with dissident investors in lieu of drawn-out proxy battles due to the time and costs involved. However, as Arconic's May 16, 2017 annual meeting draws near, the possibility of a settlement agreement between Elliott and Arconic, following a spate of widely followed events, is becoming more unlikely. Fitch says, "Shareholders have a great deal to ponder on when rendering votes at the Arconic meeting, taking into account current events such as Elliott's push to replace Arconic's now ousted CEO, after his decision to go rogue with an insinuating letter to Elliott, numerous discrediting presentations by both parties, vote-buying allegations and Arconic's notice that its pension plan would require a sizeable contribution in the event of a change of control. Both parties are seemingly exhausting every option to garner shareholder support but there appears to be an overwhelming amount of conflict hindering any settlement. Elliott is intent on gaining greater board representation in order to implement strategies to further maximize value for shareholders but the incumbent board is standing its ground."

  • 25

    Apr

ARNC Arconic
$26.12

0.005 (0.02%)

04/18/17
04/18/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Arconic (ARNC) initiated with a Neutral at JPMorgan. 2. Priceline (PCLN) coverage transferred with an Outperform at Macquarie. 3. Interpublic Group (IPG) was initiated with an Outperform at Evercore ISI while Omnicom (OMC) was initiated with an In Line. 4. Alteryx (AYX) was initiated with an Outperform at William Blair, Raymond James, JMP Securities, and Cowen, an Overweight at Pacific Crest, a Buy at Goldman Sachs, and a Neutral at JPMorgan. 5. Synacor (SYNC) initiated with a Buy on upcoming growth at Canaccord. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/18/17
JPMS
04/18/17
INITIATION
Target $29
JPMS
Neutral
Arconic initiated with a Neutral at JPMorgan
JPMorgan analyst Seth Seifman started Arconic with a Neutral rating and $29 price target. The analyst views Klaus Kleinfeld's resignation as a plus and sees "significant" earnings growth ahead, but notes the stock is already up 44% year-to-date.
03/31/17
LBOW
03/31/17
INITIATION
LBOW
Neutral
Arconic initiated with a Neutral at Longbow
Longbow analyst Christopher Olin initiated Arconic with a Neutral.
03/29/17
COWN
03/29/17
INITIATION
Target $25
COWN
Market Perform
Arconic initiated with a Market Perform at Cowen
Cowen analyst Gautam Khanna initiated Arconic (ARNC) with a Market Perform rating and $25 price target, saying the bulls' contention that the 600-900bp margin gap between Arconic's EPS segment and competitor Precision Castparts (PCP) can be eliminated by replacing Arconic's CEO is unrealistic. The stock is not "cheap," even if management changes, Khanna argues.

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ESNC

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PTLA

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DTE

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$NYE

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WETF

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CONN

Conn's

$17.10

0.15 (0.88%)

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WMT

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APDN

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MOCO

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TKTDY

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TIPT

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PFBC

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AMGN

Amgen

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EZPW

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IWM

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15:20
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$NSD

NASDAQ Market Internals

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