Why Arconic Stock Zoomed This Week
Shares of Arconic (NYSE: ARNC) rocketed this week and were trading up 16.9% for the week as of 9:40 a.m. ET Friday, according to data provided by S&P Global Market Intelligence.
The aluminum company, which primarily serves the aerospace and automotive industries, just announced its quarterly numbers, but that has nothing to do with the stock's meteoric rise. The reason behind Arconic's jump is much bigger, and it will affect every investor in the company.
Arconic announced Thursday that it has agreed to be taken private by alternative asset manager Apollo Global Management. As is typically the case, the stock shot up close to the levels at which the deal was struck -- $30 a share. It's an all-cash deal, so every Arconic investor will receive $30 per share in cash when the deal closes, which is expected to be sometime later this year.
Source Fool.com
