Arconic stock soars after WSJ report of buyout talks with Apollo Global Management

Shares of Arconic Corp. ARNC rocketed 21.6% toward a 5 1/2-month high in afternoon trading Tuesday, after The Wall Street Journal reported that private-equity firm Apollo Global Management Inc. is in talks to buy the aerospace parts company. Apollo’s stock APO gained 0.8%. Citing people familiar with the matter, Apollo had submitted a buyout bid in February and has debt financing in place. Arconic has a market capitalization of $2.42 billion and had long-term debt of about $1.7 billion at the end of 2022, according to FactSet data. The WSJ report if an buyout agreement is reached, it would be expected to be at a significant…