Bank of New York Mellon and Albemarle skid while AES soars
NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday:
AES Corp., up 81 cents to $11.53
The power company named Jeffrey Ubben of investment firm ValueAct Capital to its board of directors.
La Quinta Holdings Inc., up 73 cents to $20.18
The company agreed to sell its hotel and franchise business to Wyndham Worldwide for $1.95 billion.
Morgan Stanley, up 49 cents to $55.84
The investment bank reported stronger earnings than investors expected.
Bank of New York Mellon Corp., down $2.54 to $55.35
The trust bank said it will invest almost all of its gains from the recent corporate tax cut into its business.
Alcoa Inc., down $3.99 to $53
The bauxite, alumina and aluminum products company took a bigger fourth-quarter loss and said it will take more steps to cut costs.
M&T Bank Corp., up $6.94 to $186.15
The bank holding company had a stronger fourth quarter than investors anticipated.
Albemarle Corp., down $9.04 to $117.91
Investors were concerned lithium prices could fall after a rival company struck a deal to mine more lithium in Chile.
Kinder Morgan Inc., down 56 cents to $19.01
The oil and natural gas pipeline and storage company announced new delays for its Trans Mountain Expansion Project.