Arconic Inc. (NYSE:ARNC) [Trend Analysis] surged reacts as active mover, shares a gain 1.29% to traded at $22.79 and the percentage gap between open changing to regular change was -0.89%. Arconic Inc. faces a proxy fight from its largest shareholder, who accuses the maker of lightweight engineered products for aerospace and autos of underperforming.Elliott Management said Tuesday that it has nominated five candidates for the board of the company that separated from Alcoa and which is led by former Alcoa CEO Klaus Kleinfeld.
The hedge fund and activist shareholder said Arconic needs new leadership to boost its stock price.New York-based Arconic has 13 members on its board, according to its website.Elliott said it hired Larry Lawson, the former CEO of aircraft-parts maker Spirit AeroSystems Inc., as a consultant, and assembled a director slate of former executives from defense and metals companies. Elliott said it owns 10.5 percent of Arconic shares.
In its first quarterly report as a new company, Arconic posted a loss of $1.25 billion, or $2.88 per share, for the fourth quarter. Excluding costs from its separation from Alcoa and other restructuring costs, the company said it would have earned 12 cents per share. The firm’s current ratio calculated as 1.70 for the most recent quarter. The firm past twelve months price to sales ratio was 0.48 and price to cash ratio remained 5.36. As far as the returns are concern, the return on equity was recorded as -3.80% and return on investment was 1.40% while its return on asset stayed at -1.20%. The firm has total debt to equity ratio measured as 0.81.
Galena Biopharma, Inc. (NASDAQ:GALE) [Trend Analysis] try to make new thrust in street and making different trends, stocks trading ended with -2.94% to $1.65. Galena Biopharma, Inc. (GALE) revealed that Board of Directors has entered into a separation contract with Mark W. Schwartz, Ph.D. under which Dr. Schwartz will resign from the company and its affiliates as the President, Chief Executive Officer, and member of the Board of Directors, effective. The Board of Directors expects to appoint an Interim Chief Executive Officer in the next couple weeks.
The Board of Directors also reported that it is in the process of engaging an independent advisory firm to evaluate strategic alternatives for the company focused on maximizing stockholder value. Potential strategic alternatives that may be explored or evaluated as part of this review include continuing to advance the clinical programs as a stand-alone entity, a sale of the company, a business combination, merger or reverse merger, and a license or other disposition of corporate assets of the company. The share price of GALE attracts active investors, as stock price of week volatility recorded 6.70%. The stock is going forward to its 52-week low with 0.61% and lagging behind from its 52-week high price with -96.69%.