BUZZ-Jacobs spin-off Amentum tumbles in second day of trading
Shares of Amentum Holdingsfell 22.5% in its second day of trading following its spin-off from Jacobs Solutions. The decline occurred amid broader market weakness, despite a strong debut where AMTM shares rose 25.6% on their first day. Jacobs had announced a restructuring plan that included this spin-off. Meanwhile, Jacobs shares increased by 0.5%, marking a sixth consecutive day of gains. The S&P 500 Industrials sector is up approximately 19% in 2024.
Shares of Amentum Holdings (AMTM.N) down 22.5% to $25 amid broader weakness in equities on Tues in engineering firm’s second day of trading since being spun off from Jacobs Solutions (J.N)
Amentum completed merger with Jacobs’ Critical Mission Solutions and Cyber and Intelligence businesses on Fri
AMTM shares on Mon joined benchmark S&P 500 (.SPX) index and closed session up 25.6% at $32.25 in their first day of regular-way trading
Jacobs in Nov announced restructuring plan, including spin off and merger of its government consulting units with rival contractor Amentum Services
J shares on Tues up 0.5% at $131.55 and on course for 6th straight day of gains
Stock set fresh record intra-day high of $132.23 on Mon and now up ~22% YTD
In comparison, S&P 500 Industrials sector (.SPLRCI) up ~19% in 2024
(Lance Tupper is a Reuters market analyst. The views expressed are his own)