Why Arconic, General Electric, and Eldorado Gold Slumped Today

Wall Street suffered a downbeat day on Monday, and investors sent major benchmarks lower in response to nervousness about the future for the stock market. Industry giant Goldman Sachs, whose analysts predicted today that the long expansion could fall prey to a global slowdown in the near future, introduced some uncertainty among investors. Even though most of the broader indexes finished down by less than 1%, some individual stocks took much larger hits due to company-specific news that adversely affected them. Arconic (NYSE: ARNC), General Electric (NYSE: GE), and Eldorado Gold (NYSE: EGO) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.

Shares of Arconic dropped 10% after the aluminum producer reported its third-quarter financial results and made a leadership change. Revenue for the specialty metal products manufacturer was up 3%, with strength in the engineer products and solutions segment as well as the transportation and construction solutions business. Yet declines in the global rolled products segment hurt Arconic, and interim CEO David Hess said that a spike in aluminum prices forced Arconic to incur a large one-time charge. Arconic also said that it had named former General Electric executive Charles Blankenship as its new CEO, scheduled to join the company in January. Given past challenges that Arconic has faced, Blankenship will have a tough job in both helping the business recover and balancing the demands of activist investors from Elliott Management.

Image source: Arconic.

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Source: Fool.com