Shares of Varian Medical Systems, Inc. (NYSE:VAR) [Trend Analysis] swings enthusiastically in regular trading session, it a gain of 0.03% to close at $77.70. Varian Medical Systems (VAR) revealed that it has successfully completed the separation of its Imaging Components Business, which is now established as Varex Imaging Corporation (NASDAQ:VREX). The transaction was completed via a distribution of Varex stock to Varian stockholders of record on January 20, 2017.
Under the terms of the separation, Varian stockholders received 0.4 shares of Varex for every one share of Varian they held as of the record date of January 20, 2017. Varex shares were distributed at 12:01 PT on January 28, 2017 in a distribution that is intended to be tax-free for U.S. federal income tax purposes. Varian has approximately 94 million shares outstanding and Varex has approximately 38 million shares outstanding. In connection with the separation, Varian received a $200 million cash payment from Varex. The stock is going forward its fifty-two week low with 6.18% and lagging behind from its 52-week high price with -27.18%. VAR last month stock price volatility remained 1.83%.
Arconic Inc. (NYSE:ARNC) [Trend Analysis] retains strong position in active trade, as shares scoring -0.76% to $22.33 in a active trade session, while looking at the shares volume, around 208330 shares have changed hands in this session. ArconicInc (ARNC) said that CEO Klaus Kleinfeld “has the unanimous support” of its board, responding to a report of pressure from some of the Alcoa Corp spinoff’s biggest shareholders for a leadership change.
Arconic, which makes engineered metal parts for aerospace and other industries, was spun off from Alcoa less than three months ago. Activist investor Elliott Management Corp said in November it had amassed a 10 percent stake in Arconic and believes the stock is “dramatically undervalued.” The firm has institutional ownership of 71.20%, while insider ownership included 3.60%. ARNC attains analyst recommendation of 2.40 with week’s performance of 5.49%. Investors looking further ahead will note that the Price to next year’s EPS is -8.63%.