Alcoa is the 1st major US corporation to report 3rd Quarter Earnings. Profits were well below what Wallstreet expected. Alcoa blamed lower aluminum prices, weakness in Europe, and seasonal factors.
CEO Klaus Kleinfeld said "With the exemption of Europe, we saw growth in our end markets, though at a slower rate than in the first half, as confidence in the global recovery faded "
Analyst had lowered earnings forecast for Alcoa to 24 cents per share and sales of 6.23 billion due to falling aluminum prices. Revenue increased 21% from year-over-year to 6.42 billion but was lower than the 6.59 billion reported from the 2nd quarter prior to this report.
Alcoa did report higher than adjusted forecast but earnings fell short of expectations.
Alcoa stated aluminum prices were 5% below 2nd quarter prices. Earnings were released after Tuesdays US market close so it did not sway the US session but Alcoa traded lower in after hrs as did the equities.
Alcoa shares are down 33% this year making Alcoa the 3rd worse performing stock in the Dow Jones Industrial stock market index.
DJI H1 Chart:
The Dow Jones Industrial stayed in a 1-hour uptrend after dipping to 55-ema (a fibonacci based moving average). Markets stayed on edge in regards to the EFSF vote out of Slovakia that could shake the global markets.
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