Orlando, FL -- (SBWIRE) -- 10/21/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Interpublic Group of Companies Inc(NYSE:IPG), Alcoa Inc (NYSE:AA).
Interpublic Group of Companies Inc(NYSE:IPG) shares dropped 5.03% to $16.04. The company on Oct. 15 announced that it is exercising its option to force conversion of all outstanding shares of its 5 1/4% Series B Cumulative Convertible Perpetual Preferred Stock (the "Series B Preferred Stock") into common stock of the Company. The conversion will be effective October 17, 2013 (the "Forced Conversion Date"). The Company is acting pursuant to Section 5 of the Certificate of Designations governing its Series B Preferred Stock.
Dividends on the Series B Preferred Stock, in aggregate $2.9 million quarterly or $11.6 million annually, will cease to accumulate on the Forced Conversion Date. On the Forced Conversion Date holders of the Series B Preferred Stock will receive 77.8966 shares of common stock per share of Series B Preferred Stock.
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Alcoa Inc (NYSE:AA) shares climbed 0.47% to $8.63. The company on Oct. 20 rolled out the most advanced aluminum wheel alloy in 45 years. The new material opens the door for lighter weight wheels at increased strength with the same corrosion-resistant characteristics as the industry standard, also made by Alcoa. Alcoa expects to introduce a new, state-of-the-art wheel featuring the alloy in early 2014.
Additionally, the company on Oct. 16 said that the massive smelter run by the Ma'aden-Alcoa joint venture has temporarily shut down one of two potlines due to problems during ramp-up. Repairs at the $10.8 billion facility, which Alcoa owns and runs with Saudi Arabian Mining Co (>> Saudi Arabian Mining Company (Ma'aden)), could stretch well into next year, and Alcoa said it will now accelerate the ramp-up of the second, unaffected line.
Is AA going to continue its rally or drop like a rock? Find out with a free trend analysis HERE
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