Nestle, Pandora and Children’s Place gain; Arconic slides
NEW YORK (AP) — Stocks that moved substantially or traded heavily Monday:
Nestle SA, up $3.34 to $88.17
News reports said U.S. hedge fund Third Point took a 1 percent stake in the company and will call on it to make changes including selling its stake in L’Oreal.
Arconic Inc., down $1.53 to $24.01
The metal products maker said it will stop selling one type of aluminum composite paneling after speculation that the material contributed to the spread of a deadly fire at a London apartment tower.
Pandora Media Inc., up 18 cents to $8.46
Recode reported that the internet radio service’s co-founder Tim Westergren plans to step down as CEO.
Store Capital Corp., up $2.34 to $23.11
Warren Buffett’s Berkshire Hathaway is buying a 9.8 percent stake in the Scottsdale, Arizona-based real estate investment trust.
Exelon Corp., up 71 cents to $37.21
Utilities had some of the biggest gains as bond yields fell, making those stocks more attractive to investors seeking income.
Martin Marietta Materials Inc., up $3.96 to $232.23
The maker of building materials agreed to buy Bluegrass Materials for $1.6 billion in cash.
Supervalu Inc., up 9 cents to $3.03
The grocery store operator said Bruce Besanko would step down as chief financial officer.
Children’s Place Inc., up $4.55 to $101.50
The brokerage Telsey upgraded its rating on the stock to “outperform” from “market perform.”