Arconic to cut workforce by 10%, CEO's salary by 30% [MarketWatch]
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
Check Earnings Report
US:NYSE Investor Relations:
arconic.com/global/en/investors/overview.asp
Company Research
Source: MarketWatch
Arconic Corp. said Wednesday said it was targeting a 10% reduction in its salaried workforce, as it looks to cut costs amid a decrease in demand resulting from the COVID-19 pandemic. The aluminum sheet provider had 15,400 employees worldwide in 2019. Among other actions the company is implementing to mitigate the effects of the COVID-19 crisis, Arconic said it was cutting Chief Executive Timothy Myers' salary and the board of directors' annual cash retainer by 30% and senior-level management salaries by 20% and suspending the 401(k) match for salaried employees. The company's New York and Tennessee facilities have been idled "until demand returns," other U.S.-based rolling and extrusion facilities will reduce production and its rolling mill facilities in Europe, China and Russia will modify schedules. The company said it was reducing capital expenditures by 30%. The stock, which was unchanged in premarket trading, while futures for the S&P 500 rose 1.3%.
Show less
Read more
Impact Snapshot
Event Time:
ARNC
Last Price
Price Change
Price Change%
Volume Shares
Max Up
Max Down
%
Volume Ratio
Performance Comparison
Updated
|
Event Day
Stock performance from the time of news release until the following 4pm ET market close
|
Last price at news event
|
Since Event
Multi-day stock performance from the time of the news release
|
|---|---|---|
|
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
|
LAST
PRICE AT NEWS EVENT |
SINCE EVENT
Multi-day stock performance from the time of the news release
|
| Last Price | ||
| VWAP | ||
|
High:
|
Max Up |
High:
|
|
Low:
|
Max Down |
Low:
|
|
%
|
Post news range |
%
|
|
|
Price change |
|
|
|
Price Change Percentage |
|
|
|
S&P 500 (SPX) |
|
|
%
|
Volume ratio |
%
|
| Volume | ||
| Ticks | ||
|
|
Avg transaction size |
|
Don't Miss Out On The Next BIG Stock Move
Event day
Event Day Chart will not be displayed beyond 90-day period of the event
Performance since event
Time And Velocity Analysis
Be the first to know
Opt in for alerts from News Quantifed
Sign Up Today
Opt-in for
ARNC alerts
Learn More With NQ
Reading the Impact Report
Help Me Understand This Data
Help Me Understand This Data
How NQ Works
What is news-based trading?
And why is it so successful?
And why is it so successful?
Movers & Shakers
The biggest gainers and losers and WHY it moved
ARNC alerts
High impacting Arconic Corporation news events
Weekly update
A roundup of the hottest topics