Fortive Stock Drops 5% Following Ralliant Spin-Off Completion

(RTTNews) - Fortive Corp. (FTV) shares fell 5.03 percent to $51.23 on Monday after Ralliant Corp. (RAL) announced it had completed its separation from Fortive and began trading independently on the NYSE. Fortive stock opened at $52.05 and ranged between $50.01 and $52.39, hitting a new 52-week low of $50.01 on the New York Stock Exchange. Volume was 3.88 million shares, above its average of 3.33 million, reflecting investor repositioning following the spin-off. The move, which allows Ralliant to pursue its own growth strategy, included approval of a $200 million share repurchase authorization by Ralliant's board.