Alcoa is sure keeping us on our toes lately. First a 1:3 reverse split a few weeks ago on 5 October and today the Arconic spin off (ARNC).
AA Closed $28.72 yesterday, but is indicated 21.52 x 22.09 at the moment. If your strategy trades AA, watch those stop/limit orders!
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Fyi on Alcoa:
Completion of Separation Info on streetinsider.comThe short story is that Alcoa Inc (old) shareholders
(i) receive one share of "new" Alcoa Corporation common stock for every three shares of "old" Alcoa Inc. common stock, and
(ii) retain their shares of "old" Alcoa Inc., which changed names to Arconic Inc (ARNC).
In other words, ARNC will be shown with the "old" AA history, and "new" AA begins a new data series starting on 1 Nov 2016.
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