Jacobs spin-off Amentum tumbles in second day of trading
** Shares of Amentum Holdings AMTM.N down 22.5% to $25 amid broader weakness in equities on Tues in engineering firm's second day of trading since being spun off from Jacobs Solutions J.N
** Amentum completed merger with Jacobs' Critical Mission Solutions and Cyber and Intelligence businesses on Fri
** AMTM shares on Mon joined benchmark S&P 500 .SPX index and closed session up 25.6% at $32.25 in their first day of regular-way trading
** Jacobs in Nov announced restructuring plan, including spin off and merger of its government consulting units with rival contractor Amentum Services
** J shares on Tues up 0.5% at $131.55 and on course for 6th straight day of gains
** Stock set fresh record intra-day high of $132.23 on Mon and now up ~22% YTD
** In comparison, S&P 500 Industrials sector .SPLRCI up ~19% in 2024
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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