Rochester, NY 7/11/2009 2:42:38 AM
End of Day Report - AA - Happenings with Alcoa Shares Yesterday - Sourced WhisperFromWallStreet.com
Alcoa Inc.
End of Day Report - AA - Happenings with Alcoa Shares Yesterday - Sourced WhisperFromWallStreet.com
ALCOA INC,AA
9.28 Up 0.05 (0.54%) 3:29pm ET
Alcoa (NYSE:AA) is a perfect example on why bull market strategies and trading practices don’t work in Super Bear market. After releasing its earnings Wednesday evening July 8, 2009, AA opened up at $9.99 yesterday and peaked at $10.08, a gain of 6% from the previous day’s close ($9.46). Shares then drifted lower and closed at $9.23, which was down versus the previous day’s close. The rationale by investors for bidding up AA shares on the announcement was because it beat Wall Street’s earnings projections (losses were less than expected). During the bull anytime a company solidly beat predictions the shares traded up. This did not work during the bear because AA revenue was down by over 40% versus the previous year’s second quarter. Prudent investors sold their holdings into the rally because AA revenue picture is still extremely weak. Those who bought on AA opening lost over 7% yesterday on AA close.
Last Trade: 9.31
Day's Range: 9.04 - 9.39
52wk Range: 4.97 - 35.66
Volume: 27,337,608
ABOUT
Alcoa Inc. engages in the production and management of primary aluminum, fabricated aluminum, and alumina worldwide. It involves in the technology, mining, refining, smelting, fabricating, and recycling of aluminum. The companys products include precision castings, and aerospace and industrial fasteners. Alcoa offers flat-rolled products, such as sheet and plate, foil products, and can reclamations; extruded and end products, including extrusion and architectural products; auto engineering products; and automotive components. Its products are used in aircraft, automobiles, commercial transportation, building and construction, oil and gas, defense, and industrial applications. The company has bauxite mining interests in Australia, Brazil, Guinea, Jamaica, and Suriname. It has a strategic cooperation agreement with the Peoples Government of Henan Province in China to jointly establish projects for the fabricated and primary aluminum industry. Alcoa was founded in 1888 and is based in New York, New York.
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