Shares of Action Alerts PLUS holding Alcoa (AA) were up 7.5% Tuesday afternoon after the company completed the spinoff from its parent company Alcoa, now named Arconic Inc., and is officially operating as an independent publicly-traded company. Alcoa Co. will focus on its bauxite, alumina and aluminum products manufacturing. "Our bauxite and alumina portfolios enjoy strong first-quartile cost positions and our aluminum portfolio has a highly competitive second-quartile position," company CEO Ron Harvey said in a statement.
Retirement community operator Brookdale Senior Living's (BKD) shares were tanking Tuesday afternoon following the release of its disappointing third-quarter financial results. The company reported a net loss of $0.28 a share, well below the $0.10 loss analysts were expecting for the period. Revenue of $1.25 billion was also just below Wall Street's expectations of $1.26 billion. For the full year, Brookdale expects to report revenue between $4.15 billion and $4.20 billion, down from its previous expectations between $4.20 billion and $4.30 billion. The company now also expects an adjusted EBITDA between $818 million and $828 million, down from its previous view of between $870 million and $890 million. FactSet's consensus EBITDA estimate for the year is $858 million.
Skyline Medical (SKLN) was up more than 25% Tuesday after the medical-device manufacturer announced a distribution deal granting GLG Pharma exclusive rights to market and distribute the company's direct-to-drain medical fluid disposal system, Streamway, in the U.K. GLG will be responsible for all sales and marketing activities. The U.K. market features 3,600 operating rooms that could benefit from the Streamway device.
Shares of Cummins (CMI) were down Tuesday after the diesel-engine manufacturer reported its third-quarter results. The Columbus, Indiana-based company reported third-quarter earnings of $289 million, or $2.02 a share, topping analysts' expectations of $1.96. But the company reported a 12% decline in year-over-year revenue -- to $4.2 billion, vs. analysts' expectations of $4.23 billion for the quarter.