New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 9, 2014
12:27 EDTAA, ACH, NOR, KALUAlcoa 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
Check below for free stories on AA;ACH;NOR;KALU the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
August 29, 2014
07:19 EDTAAAlcoa volatility low as aluminum trades near 18-month high
Subscribe for More Information
August 26, 2014
10:24 EDTAAAlcoa volatility low as aluminum trades at 18-month high
Subscribe for More Information
August 25, 2014
08:31 EDTAAAlcoa to close Portovesme smelter in Italy
Alcoa announced that it intends to permanently close its Portovesme primary aluminum smelter, which has been curtailed since November 2012. The closure will reduce Alcoa’s global smelting capacity by 150,000 metric tons to 3.6 million metric tons per year. The Portovesme smelter was curtailed in 2012 because it was one of the highest cost smelters in the Alcoa system and had limited prospects for becoming competitive. “The fundamental reasons that made the Portovesme smelter uncompetitive unfortunately have not changed,” said Bob Wilt, President, Alcoa Global Primary Products. “We will continue to meet the commitments made to our employees and our stakeholders, acting in good faith as we have always done.” As committed to the government and unions, Alcoa has provided financial social support, along with outplacement and re-employment services for employees. The closure is aligned with Alcoa’s strategy to create a globally competitive commodity business and lower its position on the world aluminum production cost curve to the 38th percentile by 2016. Total restructuring-related charges for third quarter 2014 as a result of the closure are expected to be between $170M-$180M after-tax, or between 14c-15c per share, of which approximately 60% is non-cash.
August 20, 2014
17:45 EDTNORNoranda Aluminum announces denial of lower electricity rate by Missouri PSC
Subscribe for More Information
August 19, 2014
16:00 EDTAAOptions Update; August 19, 2014eBay
iPath S&P 500 VIX Short-Term Futures down 28c to 27.52. Option volume leaders: AAPL C HD PBR GILD AA NFLX TWTR TSLA EBAY according to Track Data.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use