BUZZ - Solstice shares surge after Starboard holding reported by Financial Times

October 20 - ** Specialty chemicals manufacturer Solstice Advanced Materials (SOLS.O) saw its stock price rise by 4.1% in pre-market trading to $63

** The Financial Times reported on Monday, citing people familiar with the matter, that activist investor Starboard Value (link) has taken a stake and urged SOLS to take actions to boost its share price

** According to the report, Starboard wants the company to focus on operational execution in its core refrigerant and nuclear energy businesses and cut about $100 million in corporate administrative expenses

** SOLS was spun off from Honeywell (HON.O) last year, and its planned merger with Element Solutions for $14.5 billion (link) was scrapped in August due to shareholder feedback

** Nine out of ten brokerages have rated the stock as “buy” or higher, while one rates it as “hold”; the median target price is $80.50

** As of the previous trading day's close, the stock was up 24.5% year-to-date

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