Arconic (ARNC), which specializes in engineering and manufacturing lightweight metals, was among the S&P 500’s top losers on February 6. After pulling back last week, Arconic started this week on a weaker note and carried the weakness forward to Tuesday. Arconic opened lower on Tuesday and declined to seven-week low price levels.
The selling pressure in Arconic increased after the announcement of disappointing fiscal profit and cash flow estimates. According to the announcement, management expects the profit per share in 2018 to be $1.45–$1.55. The profit per share is less than the market’s forecast of a profit per share of $1.6 in fiscal 2018. Arconic expects the free cash flow in 2018 to be ~$500 million, which is less than analysts’ estimate of $534 million.
On February 6, Arconic declined 4.7% to $25.28. Arconic is part of the S&P 500 Materials, which gained 2.8% on Tuesday.
Gartner (IT), which is an American research and advisory firm, was among the S&P 500’s top losers on Tuesday. Gartner broke a four-week gaining streak last week and started this week on a weaker note. Gartner opened lower on Tuesday and closed at five-week low price levels.
After a weak start on Tuesday, Gartner regained strength and moved higher amid the release of stronger-than-expected Q4 results. According to management, amid the integration of CEB (Corporate Executive Board), Gartner’s revenues improved 44% YoY (year-over-year) to $1 billion. CEB contributed 29% of the growth. Management added that research revenue, consulting revenue, and events revenue grew 43%, 5%, and 22% YoY, respectively. Management also announced the sale of CEB’s talent assessment business for $400 million to Exponent Private Equity.
Despite a strong rebound on Tuesday, Gartner closed the day at $124.02—a drop of 3.3%. Gartner is part of the S&P 400 Information Technology Index, which gained 0.97% on February 6.