Shares of Tenneco (TEN), a manufacturer of automotive products and solutions, are spiking over 16% in Monday’s pre-market trading. The move comes after hedge fund guru Carl Ichan disclosed acquiring over 3.48 million TEN shares on April 1.This is a volatile time for the stock. Shares plunged 21% on Friday after Tenneco withdrew its first-quarter and full-year guidance due to Covid-19 related uncertainty and suspended or reduced operations across several regions. In a press release, CEO Brian Kesseler commented: “The continuing near-term deterioration in demand in our end markets necessitates further difficult decisions.”As a result, JP Morgan’s Ryan Brinkman downgraded …read more
Source:: Yahoo Finance
