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Stock Market & Financial Investment News

News Breaks
July 9, 2014
12:27 EDTACH, KALU, AA, NORAlcoa hits 52-week high after better than expected results
Shares of aluminum producer Alcoa (AA) are moving higher after the company reported better than expected second quarter results. WHAT'S NEW: Last night, Alcoa reported Q2 adjusted earnings per share of 18c and revenue of $5.8B, compared to analysts' consensus estimates of 12c and $5.66B, respectively. The company reiterated its 2014 outlook for aluminum demand growth of 7%, and global aerospace growth of 8%-9%. WHAT'S NOTABLE: On its earnings conference call, Alcoa said it expects Q3 EPS to "continue to build on the strong second quarter." After tax operating income, or ATOI, is expected to grow by 5%-10% over last year's third quarter due to continued share gains, stronger market conditions and productivity. Productivity gains are expected to offset cost increases in Q3. The company raised its 2014 estimate for the North America commercial transportation market to a range of 10%-14%, from a previous range of 5%-9% in the first quarter. The higher estimate is based in part on rising truck orders and backlogs. ANALYST REACTION: This morning, research firm Stifel raised its price target on Alcoa to $17 from $15 per share after the company reported higher than expected EPS. The firm expects the company's 2015 results to be boosted by higher prices. It kept a Buy rating on the shares. Another firm, JP Morgan, also raised its price target on Alcoa to $18.50 from $15.00, citing improving results in primary metals following the company's Q2 results. The firm kept an Overweight rating on the stock. PRICE ACTION: In early afternoon trading, Alcoa rose 74c, or about 5%, to $15.59, a fresh 52-week high. Including today's advance, the stock is up approximately 97% over the past 12 months. OTHERS TO WATCH: Other companies in the aluminum space include Aluminum Corp. of China (ACH), Noranda Aluminum (NOR), and Kaiser Aluminum (KALU).
News For AA;ACH;NOR;KALU From The Last 14 Days
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May 12, 2015
10:01 EDTKALUOn The Fly: Analyst Initiation Summary
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09:20 EDTNOROn The Fly: Pre-market Movers
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08:37 EDTNORNoranda Aluminum 22.84M share Spot Secondary priced at $2.25
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06:58 EDTKALUKaiser Aluminum initiated with an Overweight at Morgan Stanley
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May 11, 2015
19:15 EDTNOROn The Fly: After Hours Movers
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19:01 EDTAAAlcoa to close Anglesea Power Station
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16:17 EDTNORNoranda Aluminum files to sell 22.84M shares for Apollo
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07:23 EDTAABofA/Merrill to hold a conference
Global Metals, Mining & Steel Conference is being held in Barcelona, Spain on May 11-14.

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