Lackluster Debut for Water Pik, Teledyne

Shares of Water Pik Technologies Inc., based in Newport Beach, and Teledyne Technologies Inc., based in Los Angeles, got off to a lackluster start as they began regular trading on the New York Stock Exchange. A day earlier, the companies were shed by Pittsburgh specialty metals producer Allegheny Technologies Inc., formerly known as Allegheny Teledyne Inc. Shares of Water Pik, producer of shower massagers, automatic toothbrushes and pool heating systems, closed at $7.38, down 56 cents. Teledyne’s stock fell 44 cents to close at $8.81. Allegheny, which spun off the companies to focus on its core metals business, saw its stock move down 6 cents to close at $25.19 a share. Teledyne has Allegheny’s former aerospace and electronics divisions. Water Pik President and Chief Executive Michael P. Hoopis said he expects his company’s stock to be volatile for some time as Allegheny investors who inherited shares in the two spinoffs sell off stock. Shareholders of the former Pittsburgh parent received one share of Teledyne common stock for every seven shares of Allegheny, and one share in Water Pik for every 20 shares of Allegheny.