What's in a name: Former heavyweight splits into Arconic and Alcoa
Next week, aluminum producer Alcoa (AA) is set to release earnings, but much has changed since the last time a company with the same name reported earnings.
Back in November, the former Dow component was renamed Arconic (ARNC). In conjunction with that event, the company spun off the aluminum operations into a newly-formed company that assumed the old name, Alcoa. That left Arconic with operations that focused on engineering products for the aerospace & automotive industries.
The newly-listed Alcoa took on the more familiar stock ticker AA. Yet Arconic, whose ticker changed to ARNC, kept the price history of the old Alcoa—including its enormous rise and fall from 2013 to 2016.
Both Arconic and Alcoa stocks are a far cry in size from the old Alcoa stock at its 2014 peak amid the commodities boom. With a market cap of just $9.3 billion, Arconic is still one of the smaller S&P 500 Index stocks, although it is bigger than the $6.5 billion market cap of the new Alcoa stock.
