|Bid||14.65 x 1100|
|Ask||15.15 x 800|
|Day's Range||14.80 - 15.32|
|52 Week Range||14.80 - 31.45|
|Beta (5Y Monthly)||1.63|
|PE Ratio (TTM)||N/A|
|Earnings Date||Apr 14, 2020 - Apr 19, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||23.14|
(Bloomberg) -- Alcoa Corp. shares posted the biggest decline since mid-2018 after the top U.S. aluminum producer reported a wider-than-expected loss and said it sees global output of the metal outstripping demand this year.The forecast for a surplus adds urgency to the company’s cost-cutting drive after a fourth straight quarterly loss. The oversupply of metal will be fueled by production in China, according to the company’s forecast.Aluminum prices have slipped amid trade tensions and a slowdown in manufacturing worldwide, and Alcoa’s forecast suggests further declines may be in store. The Pittsburgh-based company has been taking steps to counter weak prices by shedding assets and getting leaner, saying in October it would sell non-core businesses to generate as much as $1 billion in net proceeds.“China overcapacity remains a problem for the aluminum market with no change on the horizon,” Jefferies LLC analysts including Christopher LaFemina said in a note. “While Alcoa is taking actions to cut costs and drive productivity, weak aluminum market fundamentals and a lack of free cash flow are concerns.”Shares fell 12% to close at $17.78 in New York, the biggest decline since July 2018 and the worst performance on the Russell 3000 Index. Alcoa’s statement was released after the close of regular trading on Wednesday.Alcoa projected global aluminum supply will exceed demand by as much as 1 million metric tons in 2020, fueled by production in China. That compares with a deficit last year of 900,000 tons to 1.1 million tons.Worldwide demand growth will be in a range of 1.4% to 2.4% this year. The company’s final aluminum estimate for 2019 was a decline of 0.2% to 0.4%.Still, the increase in demand won’t be enough to absorb excess supply.“In aluminum, Chinese overcapacity continues to challenge the global market,” Alcoa Chief Executive Officer Roy Harvey said on the company’s earnings call with analysts Wednesday. “The excess supply of Chinese semis will be exported to the world,” effectively displacing primary aluminum in those markets, he said.The so-called phase one trade deal the U.S. signed with China on Wednesday may be cause for optimism.“There are catalysts for positive change,” Harvey said, citing “recent developments that we’ve seen with China, and particularly if we start to advance toward a phase two part of the deal. I think that gives us the catalyst for improvements happening more quickly.”(Updates with shares in fifth paragraph.)\--With assistance from Steven Frank.To contact the reporter on this story: Joe Deaux in New York at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Joe Richter, Steven FrankFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The phase one deal reached between the U.S. and China will increase the incentives to outsource U.S. jobs to China.
STOCKSTOWATCHTODAY BLOG The stock-market rally continues. U.S. indexes are set to open at record levels. Dow Jones Industrial Average futures and S&P 500futures are up 0.3%. Nasdaq Composite futures are up 0.
Alcoa Corp. (AA) delivered earnings and revenue surprises of -40.91% and -1.07%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
The aluminum producer lost 31 cents a share, worse than the 21-cent loss Wall Street expected. The price of aluminum—Alcoa’s key commodity—are flat year over year. Falling commodity prices hurt results.
Alcoa (NYSE: AA ) shares are trading lower in Wednesday's after-hours session after the company reported worse-than-expected fourth-quarter EPS and sales results. The company said it expects lower quarterly ...
Shares of Alcoa Corp. wavered between gains and losses in the extended session Wednesday after the alumina and aluminum producer reported a larger-than-expected loss for the fourth quarter and its sales came in below expectations. Alcoa also said it is closing one alumina refinery as part of its multi-year "asset review process" and that is selling assets as previously announced. The company said it lost $303 million, or $1.63 a share, in the quarter, versus a profit of $51 million, or 27 cents a share, in the year-ago period. Adjusted for one-time items, the company lost $57 million, or 31 cents a share, versus earnings of 70 cents a share a year ago. Revenue came in at $2.4 billion, compared with $3.3 billion a year ago. Analysts polled by FactSet had expected Alcoa to report an adjusted loss of 21 cents a share on sales of $2.5 billion. Alcoa projected a global aluminium surplus for 2020 and a "balanced" alumina market for the year. The bauxite market is expected to be in a small surplus in 2020, Alcoa said.
Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today reported fourth quarter and full-year 2019 results.
Shares of Alcoa Corp. were volatile in after-hours trading Wednesday after the company posted a wider-than-expected loss for the fourth quarter. The company reported an adjusted net loss of $57 million, or 31 cents a share on revenue of $2.4 billion. Alcoa had been expected to report a loss of $42.7 million, or 21 cents a share, on sales of $2.5 billion, based on a FactSet survey of 11 analysts.
Signing of the “phase one” trade deal, Federal Reserve’s release of its Beige Book and another round of bank earnings will keep investors busy Wednesday.
Out of thousands of stocks that are currently traded on the market, it is difficult to identify those that will really generate strong returns. Hedge funds and institutional investors spend millions of dollars on analysts with MBAs and PhDs, who are industry experts and well connected to other industry and media insiders on top of that. Individual investors can piggyback […]
Alcoa (AA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Alcoa announced Thursday that it had agreed to sell its Arkansas waste treatment facility to Veolia ES Technical Solutions in a transaction expected to close in the first quarter of 2020. According to a press release for Alcoa, the company will receive $200 million in cash at closing for the sale of Elemental Environmental Solutions, the wholly-owned subsidiary of Alcoa that owns the 1,300-acre hazardous waste treatment business. Alcoa will receive an additional $50 million if certain post-closing conditions are satisfied.
Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, has agreed to sell its Gum Springs, Arkansas waste treatment facility, to Veolia ES Technical Solutions (VTS) in a transaction expected to close in the first quarter of 2020.
Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, plans to announce its fourth-quarter 2019 financial results on Wednesday, January 15, 2020, after the close of trading on the New York Stock Exchange.
USW said the manufacturer is seeking to eliminate life insurance benefits for almost 9,000 union-represented retirees.