Widely-held by hedge funds (e.g. Elliott Mgmnt with 52mm shares), aerospace company Arconic has decided to no longer pursue a potential sale of the company. The shares are down over 25% pre-market... What changed in 4 days? Jan.18: Arconic Hopes to Finalize Sale to Apollo This Weekend: NY Post Jan 22: Arconic no longer pursuing sale of company And as the crowd rushes for the exit, the door gets narrower and narrower...crashing the stock to a new record low. Full Statement: Arconic Inc. (NYSE: ARNC) today announced that its Board of Directors has determined to no longer pursue a potential sale of the company as part of its strategy and portfolio review. John C. Plant, Chairman of Arconic, said, “Together with management, we have been conducting a rigorous and comprehensive strategy and portfolio review over the past year and as part of that process considered a sale of the company, among other matters. However, we did not receive a proposal for a full-company transaction that we believe would be in the best interests of Arconic’s shareholders and other stakeholders.” “We will continue with the previously announced sale process for our Building and Construction Systems business. More broadly, we remain strongly focused on creating value for Arconic shareholders, through continued operational improvements and through other potential initiatives which we have identified in our strategic review.”