U.S. markets were slumping Thursday as at least 10 hedge funds in North America have reduced their exposure to Deutsche Bank AG (USA) (NYSE:DB), which has been hit with numerous hefty fines recently.
The S&P 500 Index fell 0.9%, the Dow Jones Industrial Average declined 1.1% and the Nasdaq Composite slid 0.9%.
Several companies were moving after hours, including Alcoa Inc (NYSE:AA), CalAmp Corp. (NASDAQ:CAMP) and Mentor Graphics Corp (NASDAQ:MENT).
Here’s how they did ahead of Friday’s action:
Alcoa Inc (AA)
Alcoa has received approval from its board to split the companies into two businesses.
Two publicly traded companies will now exist as what used to be known as Alcoa Inc. One business — Arconic — will focus on its high-performance materials and engineering business, while the other will be a miner and aluminum maker called Alcoa Corp.
Arconic will have Klaus Kleinfeld as CEO, while Roy Harvey will spearhead the Alcoa business. Arconic will keep 19.9% of Alcoa Corp. common stock, while Alcoa Inc. will be renamed Arconic Inc. (ARNC) and Alcoa Corp. will trade as AA.
Alcoa has approved a quarterly dividend that will net Class A shareholders 93.75 cents per share on January 1, 2017 if they are on record by December 9, 2016.
Additionally, the company is issuing a dividend of its common stock to stakeholders of 9 cents per share on November 25, 2016, granted shareholders are on record as of November 4, 2016.
AA stock rose 0.8% after the bell yesterday.
CalAmp Corp. (CAMP)
CalAmp reported its second-quarter results yesterday afternoon.
The satellite communications applications provider posted earnings of 27 cents per share on an adjusted basis. This figure was in line with analysts’ expectations.
Revenue came in at $90.5 million, missing the net sales estimate of $92.3 million. Demand for CalAmp’s products was lower than predicted.
Third-quarter earnings are slated to come in in the range of 24 cents to 30 cents per share, which is short of the 31 cents per share that Wall Street is calling for.
CAMP shares plummeted 13.7% after Thursday’s market close.
Mentor Graphics Corp (MENT)
Elliott Management Corporation raised its stake on MENT stock.
Mentor Graphics Corp reported that the hedge fund management firm doubled its stake on the stock, which previously stood at 4% and 4.34 million shares.
The firm now has an 8.1% stake on Mentor Graphics. The company focuses on selling software and hardware design-automation tools to test electronic systems.
Mentor Graphics last reported its earnings last month, raking in a profit of 3 cents a share, which is significantly lower than the 26 cents a share it earned in the year-ago period.
Revenue was 9.5% lower at $254.3 million.
MENT stock popped 5.3% after hours yesterday.
As of this writing, Karl Utermohlen did not hold a position in the aforementioned securities.
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