PPG takes a hit on warning, then bounces aftermarket

Oct 10, 2018

PPG, maker of coatings, specialty materials, and glass products fell 10% today (Tuesday) after warnings of higher costs and weaker demand ahead. But bounce back up on after market on disclosure by Trian Fund Management disclosed a stake of roughly 700m it has been building in the company over the past several months, roughly 2.9% ownership interest. Could see a retracement at 38.2 or 50% fib levels in the near term before things normalize from the back and forth swing. Would make a play on the spike in volatility rather than trying to catch direction, risk defined using a butterfly or wider range with iron condor.