Moving six times its daily average is CenturyLink Inc. (CTL). The stock has tumbled the most in more than three decades this past week wiping out about $6 billion in market value, after the phone and Internet carrier slashed its dividend by 26 percent and analysts downgraded the stock.
The quarterly dividend will fall to 54 cents a share from 72.5 cents, according to a statement yesterday from Monroe, Louisiana-based CenturyLink. At least six analysts downgraded the stock today following the move, unappeased by the company’s plans to buy back as much as $2 billion in stock.
“This is one of the most unusual capital allocation decisions I have ever seen,” said Todd Rethemeier, an analyst with Hudson Square Research in New York. So far today 33 million shares have traded hands.
Alcoa has a market cap of $9.71 billion and is part of the basic materials sector and metals & mining industry. Shares are up 4.8% year to date as of Thursday’s close. The stock’s dividend yield sits at 1.3%.
Alcoa Inc. engages in the production and management of primary aluminum, fabricated aluminum, and alumina. The company operates in four segments: Alumina, Primary Metals, Flat-Rolled Products, and Engineered Products and Solutions. The company has a P/E ratio of 37.9, above the S&P 500 P/E ratio of 17.7.
Our last volume leader of the day is Micron Technology (MU) which pushed the Electronics industry higher today making it today’s featured electronics winner. The industry as a whole closed the day up 0.9%. By the end of trading, Micron Technology rose 13 cents (1.6%) to $8.08 on average volume. Throughout the day, 35.5 million shares of Micron Technology exchanged hands as compared to its average daily volume of 25.3 million shares. The stock ranged in a price between $7.86-$8.09 after having opened the day at $7.90 as compared to the previous trading day’s close of $7.95
Disclaimer: We have no position in any stock mentioned here.