Allegheny Spinoffs Fall

Shares of Water Pik Technologies Inc. in Newport Beach and Teledyne Technologies Inc. in Los Angeles got off to a lackluster start Tuesday as they began regular trading on the New York Stock Exchange.

A day earlier, the companies were spun off by Pittsburgh specialty metals producer Allegheny Technologies Inc., formerly known as Allegheny Teledyne Inc.

Shares of Water Pik, a producer of shower massagers, automatic toothbrushes and pool heating systems, closed at $7.38, down 56 cents, as 490,900 shares changed hands. Teledyne’s stock fell 44 cents a share to $8.81 as volume surpassed 2.4 million. Teledyne has Allegheny’s former aerospace and electronics divisions.

Allegheny, which spun off the companies to focus on its core metals business, saw its stock move down 6 cents to $25.19 a share on volume of 218,800 shares.

Michael P. Hoopis, president and chief executive of Water Pik, said Tuesday that he expects his company’s stock to be volatile for some time as Allegheny investors who inherited shares in the two new companies sell off those stocks. “It will be about six months of sorting out who is going to be in and who is going to be out,” Hoopis said.

Shareholders of the former Pittsburgh parent received one share of common stock in Teledyne Technologies for every seven shares of Allegheny, and one share in Water Pik Technologies for every 20 shares of Allegheny.