Jacobs spin-off Amentum tumbles in second day of trading

Amentum Holdings

01/10/2024 17:16

** 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)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))