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Arconic: S&P 500’s Top Loss on April 23

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Apr. 25 2018, Published 8:03 a.m. ET

Top losses

The S&P 500’s top losses on April 23 were:

  • Arconic (ARNC) declined 5.2%.
  • Micron Technology (MU) declined 3.2%.
  • Western Digital (WDC) declined 2.9%.
  • Freeport-McMoRan (FCX) declined 2.8%.
  • IPG Photonics (IPGP) declined 2.8%.
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Arconic 

Arconic, which is the world’s sixth-largest aluminum producer, was the S&P 500’s top loss on April 23. After trading with mixed sentiment last week, Arconic opened lower on Monday and declined to 11-month low price levels.

The sentiment on Arconic was dented amid US sanctions on Russian aluminum producer Rusal. In order to malign Russia’s activities, the US imposed sanctions on Russian oligarch Oleg Deripaska and his aluminum production company—Rusal. The move boosted aluminum prices and Arconic. However, the sentiment weakened and aluminum prices fell after U.S. Department of the Treasury announced an extension. October 23 is the new deadline for American companies that are doing business with Rusal to cut down their business ties. The update weighed on Arconic on Monday and pushed the stock to the lowest levels traded since June 2017.

The sentiment was also weakened by Longbow Research downgrading Arconic from “buy” to “hold.” On April 23, Arconic declined 5.2% to $22.05. Arconic is part of the S&P 500 materials sector, which declined 0.3% on Monday.

Next, we’ll discuss how Micron Technology (MU) and Western Digital (WDC) performed on April 23.

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