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News Breaks
April 7, 2014
12:38 EDTAAEarnings Preview: Alcoa shares near 52-week high ahead of Q1 report
Alcoa (AA) is scheduled to report first quarter earnings after the close on Tuesday, April 8, with a conference call scheduled for 5:00 pm ET. Alcoa is a global manufacturer of aluminum products. EXPECTATIONS: Analysts are looking for EPS of 5c on revenue of $5.56B, according to First Call. The consensus range for EPS is 0c-8c on revenue of $5.39B-$5.7B. LAST QUARTER: Alcoa reported fourth quarter adjusted EPS of 4c against estimates for 6c on revenue of $5.6B against estimates for $5.38B. The company forecast 2014 global aluminum demand growth of 7%. CEO Klaus Kleinfeld said, "we put a number of legacy matters behind us, clearing a path for Alcoa’s continued transformation in 2014." On the company's Q4 earnings conference call, management targeted $850M of additional year-over-year productivity gains in 2014. This was expected to be achieved by overhead cost reductions, procurement savings, and process productivity. For 2014, the company said it expects to build value-add with growth capital of $500M, an investment in its Saudi JV of $125M, and management of sustaining capital of $750M. Generating positive free cash flow will continue to be the target for 2014, and the company expects to manage its capital structure to a debt to capital ratio in the range of 30%-35% by the end of 2014. The company's initial outlook for the 2014 Alumina supply-demand situation is that the market will be in surplus of just under 2M metric tons or roughly 2% of the global market. STREET RESEARCH: Street research has been mixed in the weeks leading up to Alcoa's Q1 earnings report. On January 21, JP Morgan upgraded Alcoa to Overweight from Neutral, citing the tightening aluminum markets and increasing regional aluminum premiums. The firm raised its price target for Alcoa to $15 from $9. On March 14, Sterne Agee initiated Alcoa with a Buy rating and $15 price target. Conversely, on March 6, Standpoint Research downgraded Alcoa to Hold from Buy. On April 2, Nomura said there was significant downside risk to Alcoa's 2014 earnings estimates given the fall in LME aluminum prices and GRP margin pressures in Europe. The firm lowered Alcoa's FY14 EPS view to 14c from 28c, and FY15 EPS view to 31c from $1.32. It reiterated its Neutral rating and $8 price target on the shares. PRICE ACTION: Despite the company's worse than expected Q4 profit, Alcoa shares have rallied approximately 18% over the past 90 days, touching a 52-week high of $13.18 in early April. Over the past twelve months, the stock is up over 51%. In early afternoon trading ahead of tomorrow's Q1 report, Alcoa shares are down just over 1%.
News For AA From The Last 14 Days
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April 23, 2015
11:06 EDTAAChina to remove export tax on certain aluminum products, Bloomberg says
China has removed export duties for some aluminum products which may encourage further exports from China and thereby worsen a global glut of the metal, says Bloomberg. Publicly traded companies in the space include Alcoa (AA) and Century Aluminum (CENX). Alcoa is trading lower by 2.4% and Century Aluminum is lower by over 6% in late morning trading. Reference Link
09:35 EDTAAActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL FB PBR TWTR AA COST TSLA AMZN TXN BAC
April 22, 2015
10:02 EDTAAOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Alcoa (AA) initiated with a Neutral at Cleveland Research... American Electric (AEP) initiated with a Neutral at Guggenheim... American Water (AWK) initiated with a Buy at Guggenheim... Anadarko (APC) initiated with a Buy at Nomura... Apache (APA) initiated with a Reduce at Nomura... Associated Banc Corp (ASB) initiated with a Market Perform at Wells Fargo... Cabot Oil & Gas (COG) initiated with a Neutral at Nomura... Canadian Natural (CNQ) initiated with a Buy at Nomura... Cenovus Energy (CVE) initiated with a Reduce at Nomura... Chesapeake (CHK) initiated with a Reduce at Nomura... Cimarex Energy (XEC) initiated with a Neutral at Nomura... Communications Sales & Leasing (CSAL) initiated with an Overweight at Stephens... Concho Resources (CXO) initiated with a Buy at Nomura... Consolidated Edison (ED) initiated with a Neutral at Guggenheim... Continental Resources (CLR) initiated with a Buy at Nomura... DTE Energy (DTE) initiated with a Buy at Guggenheim... Denbury Resources (DNR) initiated with a Reduce at Nomura... Depomed (DEPO) initiated with an Overweight at Piper Jaffray... Devon Energy (DVN) initiated with a Neutral at Nomura... Dominion (D) initiated with a Buy at Guggenheim... Duke Energy (DUK) initiated with a Buy at Guggenheim... EOG Resources (EOG) initiated with a Buy at Nomura... Edison International (EIX) initiated with a Neutral at Guggenheim... Encana (ECA) initiated with a Buy at Nomura... Entergy (ETR) initiated with a Neutral at Guggenheim... Eversource (ES) initiated with a Buy at Guggenheim... Exelon (EXC) initiated with a Buy at Guggenheim... FirstEnergy (FE) initiated with a Neutral at Guggenheim... Great Plains Energy (GXP) initiated with a Buy at Guggenheim... Hess Corp. (HES) initiated with a Neutral at Nomura... Marathon Oil (MRO) initiated with a Buy at Nomura... Media General (MEG) initiated with a Neutral at Nomura... Medley Capital (MCC) initiated with a Buy at Janney Capital... Murphy Oil (MUR) initiated with a Neutral at Nomura... Newfield Exploration (NFX) initiated with a Buy at Nomura... Newtek Business Services (NEWT) initiated with a Neutral at Ladenburg... NextEra Energy (NEE) initiated with a Buy at Guggenheim... Noble Energy (NBL) initiated with a Reduce at Nomura... Oasis Petroleum (OAS) initiated with a Neutral at Nomura... PG&E (PCG) initiated with a Neutral at Guggenheim... PPL Corp. (PPL) initiated with a Buy at Guggenheim... PSEG (PEG) initiated with a Buy at Guggenheim... Pernix Therapeutics (PTX) initiated with an Overweight at Piper Jaffray... Pinnacle West (PNW) initiated with a Neutral at Guggenheim... Pioneer Natural (PXD) initiated with a Buy at Nomura... RSP Permian (RSPP) initiated with a Buy at Wunderlich... Range Resources (RRC) initiated with a Buy at Nomura... STMicroelectronics (STM) initiated with a Buy at Craig-Hallum... Southern Company (SO) initiated with a Neutral at Guggenheim... Southwestern Energy (SWN) initiated with a Neutral at Nomura... Starz (STRZA) initiated with a Sector Perform at FBN Securities... Stellus Capital (SCM) initiated with a Neutral at Janney Capital... Suncor (SU) initiated with a Buy at Nomura... TECO Energy (TE) initiated with a Neutral at Guggenheim... Tribune Media (TRCO) initiated with a Hold at Jefferies... Ultra Petroleum (UPL) initiated with a Neutral at Nomura... Whiting Petroleum (WLL) initiated with a Neutral at Nomura... Zogenix (ZGNX) initiated with an Overweight at Piper Jaffray... bluebird bio (BLUE) initiated with a Buy at Maxim.
09:26 EDTAAAlcoa initiated with a Neutral at Cleveland Research
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April 20, 2015
16:01 EDTAAOptions Update; April 20, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 21.52. Option volume leaders: AAPL VZ PBR TWTR TSLA TWTR NFLX MCP FB AMZN AA C according to Track Data.
09:36 EDTAAActive equity options trading on open
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April 17, 2015
09:36 EDTAAActive equity options trading on open
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April 16, 2015
09:36 EDTAAActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL NFLX NEE AMT WFM C PM INTC AA MCD
April 15, 2015
10:19 EDTAAOptions with decreasing implied volatility
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April 13, 2015
09:34 EDTAAActive equity options trading on open
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