Commodities & Metals
Alcoa Not Weighing On Aluminum Sector (AA, ACH, RS, CENX, NOR, KALU)
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Alcoa Inc. (NYSE: AA) was the first component of the Dow Jones Industrial Average to report earnings. Last night’s report was actually above estimates on earnings even if revenues were a tad soft. The company is calling for growth as well in 2011 and is calling for the aluminum sector to double by 2020. The problem is that shares were already up significantly ahead of earnings and we are seeing a “Sell The News” reaction in Alcoa. What is interesting is that the news is actually not weighing on other aluminum players.
Aluminum Corporation Of China Limited (NYSE: ACH) is up 1.2% at $23.42. Reliance Steel & Aluminum Co. (NYSE: RS) is up 0.3% at $53.01 on thin volume against a 52-week range of $34.58 to $55.47. Century Aluminum Co. (NASDAQ: CENX) is actually up 0.3% at $16.60 in very thin trading versus a 52-week trading range of $8.25 to $18.77. Noranda Aluminum Holding Corp. (NYSE: NOR) nor Kaiser Aluminum Corporation (NASDAQ: KALU) have not yet traded.
Alcoa, Inc. (NYSE: AA) shares are indicated down 1.3% at $16.27 before the open and its 52-week range is $9.81 to $17.60.
JON C. OGG
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