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February 17, 2014
17:09 EDTAAAlcoa to close smelter, rolling mills in Australia, sees $250M-$270M in charges
Alcoa announced it will permanently close its Point Henry aluminum smelter and two rolling mills in Australia. The smelter and an adjacent rolling mill are located in Geelong, Victoria. The second mill and a recycling facility are located in Yennora, New South Wales. The smelter will close in August and the rolling mills by the end of 2014. The company said, "The Point Henry smelter was placed under strategic review in February 2012 due to challenging market conditions. A comprehensive review found that the 50-year-old smelter has no prospect of becoming financially viable. The two rolling mills serve the domestic and Asian can sheet markets which have been impacted by excess capacity. Alcoa of Australia operates the smelter where approximately 500 employees work. Alcoa Inc. operates the rolling mills which employ about 480 people." The Anglesea coal mine and power station that currently supplies approximately 40 percent of the power needs for the Point Henry smelter has the potential to operate as a stand-alone facility after the smelter closes. Alcoa of Australia will actively seek a buyer for the facility. Total 2014 restructuring-related charges associated with the closures outlined above are expected to be between $250M-$270M after-tax and non-controlling interest, or 22c-25c per share, of which approximately 60% would be recorded in Q1. Cash costs during 2014 are expected to total approximately $160M. The closures will reduce Alcoa’s global smelting capacity by 190,000 metric tons and reduce Alcoa’s can sheet capacity by 200,000 metric tons. Including the closure of the Point Henry smelter, Alcoa has announced closures or curtailments representing 551,000 metric tons of smelting capacity, exceeding the 460,000 metric tons placed under review in May 2013. Once the Point Henry closure is complete, Alcoa will have total smelting operating capacity of approximately 3,760,000 metric tons, with approximately 655,000 metric tons, or 17 percent, of high cost capacity offline.
News For AA From The Last 14 Days
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April 9, 2015
13:09 EDTAAOn The Fly: Midday Wrap
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12:01 EDTAAMetal stocks lower after Alcoa reports Q1 results
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09:36 EDTAAActive equity options trading on open
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09:27 EDTAAOn The Fly: Pre-market Movers
HIGHER: Pier 1 Imports (PIR), up 5.8% after earnings beat estimates, dividend boosted, and shares upgraded at Wedbush... Novogen (NVGN) rose after announcing that Australian studies revealed its experimental drug, Anisina, killed melanoma cells irrespective of their mutational status. Shares of small-cap Novogen rose 35% in pre-market trading following the company's report on the studies... TASER (TASR), up 3.8% after announcing UK order from London for 178 AXON body cameras... United Continental (UAL), up 2.8% after narrowing Q1 PRASM forecast... Walgreens Boots Alliance (WBA), up 2.4% after reporting Q2 results. LOWER: Zynga (ZNGA), down 12% after announcing last night that current CEO Don Mattrick will depart the company and the board and Mark Pincus, Zynga's founder and chairman, will return to the role of CEO... Alcoa (AA), down 2% after reporting Q1 financial results and giving 2015 guidance... Cliffs Natural (CLF), down 4.6% after BMO Capital cut it rating to the equivalent of sell and halved its price target on the stock to $4.
April 8, 2015
19:46 EDTAAOn The Fly: After Hours Movers
UP AFTER EARNINGS: Apogee (APOG), up 6.4%... Pier 1 Imports (PIR), up 4.4%. ALSO HIGHER: Inovio Pharmaceuticals (INO), up 5.6% after being selected by DARPA to lead $45M Ebola prevention program. DOWN AFTER EARNINGS: Alcoa (AA), down 3.5%... Bed Bath & Beyond (BBBY), down 3.5%. ALSO LOWER: Zynga (ZNGA), down 10.3% after announcing CEO transition... Memorial Production (MEMP), down 2.9% after filing to sell 4.6M common units owned by MRD Holdco... Regulus (RGLS), down 2.2% after filing to sell 3.3M shares for Isis Pharmaceuticals.
18:06 EDTAAAlcoa lower by 3.2% after reporting Q1 financial results
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17:21 EDTAAAlcoa sees generating $500M in free cash flow for FY15
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17:04 EDTAAAlcoa says revenue growth driven by organic growth in auto and aero
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16:12 EDTAAAlcoa sees 2015 global aluminum demand growth of 6.5%
Given final 2014 worldwide aluminum demand, Alcoa has upwardly revised its view of global aluminum demand growth in 2014 to 9%, an increase from the prior forecast of 7%. This results in global consumption of 54M metric tons, or 1.2M metric tons higher than previously forecast. Alcoa continues to project further robust global aluminum demand growth in 2015 of approximately 3.5M metric tons, equaling 6.5% growth and reaching a new record high of 57.5M metric tons.
16:09 EDTAAAlcoa sees 2015 global aerospace sales to increase 9%-10% over 2014
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16:04 EDTAAAlcoa reports Q1 EPS 28c, consensus 26c
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16:01 EDTAAActionable Options for Wednesday, April, 8
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15:24 EDTAANotable companies reporting after market close
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14:29 EDTAAAlcoa technical comments ahead of results
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14:12 EDTAAAlcoa April weekly 13 straddle priced for 5% movement into Q1
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09:45 EDTAAEarnings Watch: Alcoa sentiment mixed ahead of Q1 results
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09:35 EDTAAActive equity options trading on open
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07:48 EDTAAAlcoa April volatility elevated into Q1 and outlook
Alcoa April weekly call option implied volatility is at 58, April is at 42, May is 38, June is at 35, October is at 34; compared to its 26-week average of 34 according to Track Data, suggesting large April price movement into its expected release of Q1 results on April 8.
April 7, 2015
09:35 EDTAAActive equity options trading on open
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April 6, 2015
07:42 EDTAAAlcoa April volatility elevated into Q1 and outlook
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