Diamonds and Dogs
XPO Logistics (XPO) jumping on news of a sale or spinoff. The trucking and transportation company is up 12% on news the company plans to put up for sale two units in North America and two in Europe. It's hired Goldman Sachs Group Inc. and JPMorgan Chase & Co. to explore possible transactions. Frustrated by the company's low valuation, management is seeking to improve its value and become more of pure play in the trucking space.
Alcoa (AA) taking a hit. The top U.S. aluminum producer is down 9% not far from a 52 week low after reporting a wider-than-expected loss and saying global supply of aluminum is still outstripping demand.The forecast for a surplus adds more gloom to a slumping aluminum market and gives more urgency to the company's cost-cutting drive after a fourth straight quarterly loss. The oversupply will be fueled by production in China, according to the company's forecast.