Is Selling Arconic Inc. (ARNC) Here a Winning Strategy? The Stock Formed Bearish Double Bottom Chart Pattern

July 16, 2018 - By Mark Babin

The chart of Arconic Inc. (ARNC) shows a double bottom with $18.61 target or 3.00 % below today’s $19.19 share price. The 5 months chart pattern indicates high risk for the $9.26B company. It was reported on Jul, 16 by Finviz.com. If the $18.61 price target is reached, the company will be worth $277.89 million less. Double bottoms are rare but powerful chart patterns.

The stock increased 10.39% or $1.805 during the last trading session, reaching $19.185. About 11.67M shares traded or 161.70% up from the average. Arconic Inc. (NYSE:ARNC) has declined 32.27% since July 16, 2017 and is downtrending. It has underperformed by 44.84% the S&P500.

Analysts await Arconic Inc. (NYSE:ARNC) to report earnings on July, 23. They expect $0.30 EPS, down 6.25 % or $0.02 from last year’s $0.32 per share. ARNC’s profit will be $144.85M for 15.99 P/E if the $0.30 EPS becomes a reality. After $0.34 actual EPS reported by Arconic Inc. for the previous quarter, Wall Street now forecasts -11.76 % negative EPS growth.

More notable recent Arconic Inc. (NYSE:ARNC) news were published by: Benzinga.com which released: “Benzinga’s Top Upgrades, Downgrades For July 16, 2018” on July 16, 2018, also Seekingalpha.com with their article: “My Thoughts On Arconic’s Downtrend” published on July 12, 2018, Seekingalpha.com published: “Arconic signs largest multiyear supply deal with Boeing” on July 16, 2018. More interesting news about Arconic Inc. (NYSE:ARNC) were released by: Benzinga.com and their article: “Benzinga Pro’s 5 Stocks To Watch Today” published on July 16, 2018 as well as Streetinsider.com‘s news article titled: “Arconic (ARNC) Draws Interest from Private-Equity – WSJ” with publication date: July 16, 2018.

Arconic Inc. engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. The company has market cap of $9.26 billion. It operates through three divisions: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. It currently has negative earnings. The Global Rolled Products segment produces and sells aluminum sheets and plates; and aseptic foils.

Arconic Inc. (NYSE:ARNC) Ratings Chart

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