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Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today reported first quarter 2020 results.
The Pensacola Blue Wahoos' listing on Airbnb says it is the first time that a professional baseball stadium has been made available to rent on the platform.
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(Bloomberg) -- Alcoa Corp. Chief Executive Officer Roy Harvey isn’t ready to declare that the world is on the road to recovery yet.Speaking at a virtual metals and mining conference on Thursday, the head of the aluminum producer said there remains too much uncertainty in global economies to feel comfortable saying the situation is improving from the coronavirus crisis. Aluminum gluts are now growing outside China, which Harvey said is already oversupplied, and this will further weigh on prices.“I don’t think we’ve yet got the clarity, nor do we have the orders on the books, to signal that there is a definitive recovery coming,” he said. “I don’t think that represents the fact that nobody plans to restart, I think that represents the fact that there is not yet certainty that that restart is going to happen.”Harvey’s comments come as countries move toward relaxing lockdowns and investors try to gauge how long it will take economies to recover. Stan Druckenmiller said this week that the economic effects of the coronavirus are likely to be long-lasting, calling the notion of a V-shaped recovery -- the idea the economy will quickly snap back as the pandemic eases -- a “fantasy.”Alcoa last month announced it would curtail production at one of its U.S. plants, marking the first major regional move to cut aluminum production. The company also pulled its market outlook, saying the extent and duration of the pandemic is unknown.Call for ActionThe “industry is right now producing more aluminum than it needs,” Harvey said at the conference, sponsored by Bank of America Corp. He said there needs to be a “clear call for action” among global aluminum producers to cut capacity.Harvey said he’s not seeing signs of a global recovery yet, even as China, the biggest consumer of industrial metals, is working to restore operations. He said the Asian nation’s slowdown in the first quarter spurred an increase in inventories of 2 million metric tons, and there’s been a drawdown of about 400,000 to 500,000 tons as it returns to work.Alcoa Chief Financial Officer Bill Oplinger said in the presentation that the company’s run rate has dropped to about 45% from a prior level of about 55%. An Alcoa spokesman later clarified that the CFO was referring to the run rate for value-added products, with commodity-grade ingot making up the rest of output.“I think we’ll need to watch what happens in each of the states in the U.S. and each of the countries and jurisdictions in Europe,” Harvey said. “We really need to watch to see how those back-to-work plans sort of come to fruition.”Alcoa shares declined 2.4% on Thursday in New York.For 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.
Coming into 2020, it was clear that General Electric (NYSE:GE) had a lot of work to do. But investors were optimistic. GE stock started rallying after third quarter earnings in late October, and reached a 16-month high in February.Source: Sundry Photography / Shutterstock.com The novel coronavirus has undercut that optimism. As I write this, GE stock has been halved from February highs. That includes a 3.2% decline on Wednesday after the company's first quarter earnings report.The falling stock price, unfortunately, makes some sense. General Electric's challenges were significant even before the current crisis. Its outlook is downright grim now.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 9 Healthcare Stocks to Buy Even After the Coronavirus Fades The good news is that GE management at least is aware of those challenges. And the balance sheet gives General Electric some flexibility to respond. But Wednesday's earnings report highlights the core problem with GE stock: even in a best-case scenario, it's going to take a long time for this industrial titan to bounce back. Not That Bad?On its face, the Q1 release doesn't look that bad, particularly in the context of a worldwide shutdown in March.Total revenue declined 8%, but in the industrial business the top line was down just 5%. Orders, on an organic basis, fell only 3%.Adjusted earnings per share did fall sharply on a percentage basis. But EPS of 5 cents doesn't seem that weak against 13 cents in the year-prior quarter.This doesn't look like a great quarter. But it hardly appears disastrous, either. Many other companies have released far worse results -- many more still will as earnings season rolls on.Looking closer, there's some good news as well, particularly on the order front. Healthcare orders rose 9%. The long-struggling Power segment drove 14% growth.This seems like a decent report in the context of the broader environment. But investors clearly didn't think so and I'm inclined to agree. Fundamental WorriesThe fact is that GE's turnaround is going to take much longer than hoped (by management's own admission).In Power, even with solid order numbers, the business faces "a longer road to normalization," as chief executive officer Larry Culp put it on the first quarter conference call. GE already has laid off 700 employees in the business, and is looking to take out more costs there.In Renewable Energy, GE faced unspecified "execution" orders. Pressure on government budgets and plunging oil prices may push projects out.And, of course, GE Aviation is facing collapsing demand as global air travel has come to a halt. Key customer Boeing (NYSE:BA) has seen its order book shrink dramatically as a result, and those lost orders impact the long-term outlook for GE Aviation as well.As Culp noted, GE's only real strategy is to try and limit the impact of lower revenue on margins as best it can. Meanwhile, GECAS (GE Capital Aviation Services) also is taking a hit.GE Healthcare should rebound, particularly as elective procedures return once the focus on COVID-19 begins to recede. But that business is smaller after the company sold GE Biopharma to Danaher (NYSE:DHR) in a deal that closed last quarter.Three out of four businesses are facing significant short-term problems. But those problems don't end immediately when the global economy returns to some sense of normalcy. Aviation demand won't snap back. Crude prices may well stay low, which would pressure both Power and Renewable Energy. If crude rallies, investors have many better options to play that commodity.What Q1 shows is that the road has gotten even longer for General Electric. On the Sidelines with GE StockIt's likely that sense to which investors reacted in selling GE stock on Wednesday. But there's a broader issue at play as well, which becomes particularly clear when listening to the earnings call.General Electric is reacting rather than leading. Obviously, the external environment has something to do with that from a short-term perspective.It's not just a short-term problem, however. GE's answer to this crisis is the same as it's been to everything else in recent years: to shrink. Its workforce fell 28% last year alone. Biopharma is just the latest in a series of asset sales. GE Capital has been -- you guessed it -- shrinking its balance sheet.That's a problem similar to that of Alcoa (NYSE:AA), another former Dow Jones Industrial Average component. But it's not the only strategy a former titan can take. IBM (NYSE:IBM) looked to ramp its turnaround by acquiring Red Hat. It was a bold move that better positioned the company in the growing cloud space.At this point, what markets are growing for GE? There are pockets in Power. Renewable Energy probably has a solid long-term outlook. So does most of the Healthcare business.But even the 'good' markets aren't that good. The more challenged businesses are under real threat. That's been the core problem with GE stock for some time. First quarter results didn't create that problem. They illuminated it.Matthew McCall left Wall Street to actually help investors -- by getting them into the world's biggest, most revolutionary trends BEFORE anyone else. The power of being "first" gave Matt's readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA) and +1,044% in Tesla (TSLA), just to name a few. Click here to see what Matt has up his sleeve now. Matt does not directly own the aforementioned securities. More From InvestorPlace * America's 1 Stock Picker Reveals Next 1,000% Winner * 25 Stocks You Should Sell Immediately * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post Earnings Highlight the Long Road Ahead for General Electric Stock appeared first on InvestorPlace.
(Bloomberg Opinion) -- Gray? Try “steel-colored.” Angular? You must mean “steel-inspired.” I’m referring, of course, to the new logo of the rechristened Arch Resources Inc.The old logo, with its stylized fragment of St Louis’ Gateway Arch, was fine — apart from the fact that it had the word “coal” in it. Arch Coal, the company’s old name, was a mite too connected with a certain fuel that is not only in terminal decline in the U.S. but also rather unpopular with the ESG crowd.When Arch Coal was formed in 1997, America’s power stations were burning 900 million tons a year, generating more than half the country’s electricity, and climbing. Today, thermal coal accounts for less than a fifth of the mix:Remarkably, in announcing its name change this week, Arch pulled a Voldemort with the word “coal”: It doesn’t appear anywhere in the main body of the press release(3). This is doubly impressive when you consider Arch Resources will in fact continue to mine prodigious quantities of ... well, you know. Thingy.Only Arch is now focused on a different class of thingy. Metallurgical coal is thermal coal’s more prosperous sibling, a vital ingredient for making steel; hence Arch’s steely new logo. Except Arch refers to these black rocks dug out from the ground not as metallurgical coal but as metallurgical products.Corporate rebranding tends to offer a rich seam of material, but Arch’s new name is actually a logical progression in a logical strategy.Ever since the miner emerged from chapter 11 in 2016, its approach has been one long tacit acknowledgement that the U.S. thermal coal industry is in a downward spiral. That business has essentially been run for cash, with capex running at just 70% of depreciation, and the company’s Powder River Basin assets are about to be subsumed into a joint venture with Peabody Energy Corp. The more profitable metallurgical business, meanwhile, is expanding, with a major new project in West Virginia underway. Most importantly, though, for every dollar Arch has invested back into the business, it’s spent about $1.60 on stock buybacks, taking in 40% of the shares(1) . This is how you head into the sunset.So the new name and Terminator-esque logo aren’t just some branding consultant’s WFH project. It’s the latest step in Arch’s quest to carve out a new life after death. For example, see this from the announcement:We expect steel to play an essential role in the revitalization of the global economy as it recovers from the disruption of the COVID-19 pandemic, and in the construction of a new economy supported by mass transit systems, wind turbines and electric vehicles.See? No mention of coal, but a cameo by wind turbines, no less (ah, the irony). Mad Men’s Don Draper once pitched Bethlehem Steel on advertising itself as producing the building blocks of America’s great cities. In real life, Arch would like you to know it mines the building blocks that go into making those building blocks.On one level, that’s par for the course. Any commodity producer would like you to associate their otherwise standard product with something more exceptional and valuable; similar thinking underlay Arconic Corp.’s split from aluminum smelter Alcoa Corp. Metallurgical coal may be higher-margin, but it remains a commodity, with all the volatility that entails; the stock has halved so far this year(2). Far better to focus minds on something more stable, like a T-bar.In this case, though, there’s a bigger drama playing out, and the wind turbine is the key character. While Arch’s announcement lacked “coal,” it provided my annual quota of “environmental, social and governance” mentions in the space of a few minutes. Arch is still running its thermal coal mines and likely will for as long as they spit out cash. But competition from cheap shale gas and renewable energy has made thermal coal a tough sell to investors already. Now climate change is making it altogether taboo — regardless of how efficient the miner — as ESG considerations gain traction.The ongoing rebranding of Big Oil as Big Energy reflects similar dynamics. As the function of energy markets shifts from simply producing ever more tons or barrels or whatnot to optimizing supply, demand and emissions, so the expectations of the capital markets shift, too. The multiple that makes a stock price is ultimately just some narrative about the future expressed as a number (for an extreme example, see Tesla Inc.). It isn’t just that Arch’s old story no longer convinces; it’s increasingly unacceptable and thereby a burden on, rather than a boost to, value. Becoming truly steel-inspired requires being a touch coal-amnesic.(1) You'll find a couple of instances further down in the safe-harbor language, but who reads that? Of course we all read that.(2) All figures are aggregated for the period 2017 through the first quarter of 2020.(3) Amove of just $25 a ton in the price of metallurgical coal is enough to swing Arch’sEbitda by $175 million, as per Arch Resources' investor presentation on May 15, 2020. Data are pro-forma for the start up of the Leer South project in West Virginia.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
What are the top 10 countries that produce the most aluminum in the world today? We tried to answer this question in 2016 in this article titled 8 countries that produce the most aluminum in the world. The data used in that article is 5 years old now. So, we decided to update our article […]
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Alcoa Corp. has halted its global quarterly supply-and-demand projections on the alumina, aluminium, and bauxite markets because of the coronavirus pandemic, the company said late Wednesday. It did not say when it would resume the widely sought estimates. The producer reported earnings of $80 million, or 43 cents a share, in the first quarter, versus a net loss of $199 million, or $1.07 a share, in the year-ago period. Adjusted for one-time items, the company said it earned $42 million, or 23 cents a share, matching the year-ago adjusted EPS. Revenue of $2.4 billion, compared with $2.7 billion a year ago. The stock rose 4% in the extended session after ending the regular trading day up 3%. The company said it ended the first quarter with $829 million in cash and debt of $1.8 billion, for a net debt of $973 million. All of its bauxite mines, alumina refineries, aluminum smelters, casthouses, energy assets and its rolling mill remain operational, it said.
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Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, announced today that Roy C. Harvey, President and Chief Executive Officer, and William F. Oplinger, Executive Vice President and Chief Financial Officer, will participate in a virtual question and answer session at the Bank of America Securities 2020 Global Metals, Mining & Steel Conference on Thursday, May 14, 2020.
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Four senior Democratic lawmakers from Washington state on Friday sharply criticized President Donald Trump’s trade policies for failing to address overcapacity in China's aluminum market they say is costing American workers their jobs. In a letter to the president, Senators Patty Murray and Maria Cantwell and two House lawmakers said neither the Phase 1 trade deal with China, nor Trump’s separate 10% tariffs imposed on aluminum imports in 2018 had solved the underlying problem, and more efforts were needed. The letter came days after top U.S. aluminum producer Alcoa said weak prices and growing global surpluses had forced it to close its Intalco smelter plant in Ferndale, Washington, and lay off most of the 700 workers there.
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It's easy to forget how far Alcoa (NYSE:AA) has fallen. After all, it was less than seven years ago that Alcoa stock still was one of the 30 components of the Dow Jones Industrial Average.Source: Daniel J. Macy / Shutterstock.com Just four years ago, Alcoa earnings unofficially kicked off earnings season. That stopped being the case after Alcoa split into Arconic (NYSE:ARNC) and the 'new' Alcoa. (Arconic itself just split again, into a 'new' Arconic and Howmet Aerospace (NYSE:HWM).Of course, as Alcoa earnings on Wednesday afternoon show, the split isn't the only problem. Alcoa simply isn't what it was. It's officially a small-cap company at this point by almost any definition, with a market capitalization below $1.5 billion. If Alcoa earnings were earlier, the market wouldn't necessarily notice.InvestorPlace - Stock Market News, Stock Advice & Trading TipsMeanwhile, the report highlights the broader issue with Alcoa's decline. The company isn't leading. It's reacting. * 30 Consumer Stocks to Buy Once the Coronavirus Pandemic Passes To be fair, that's due in part to the nature of the company's business. Alcoa alone can't control the aluminum price. And it's certainly not responsible for the unprecedented contraction in near-term economic activity.But investors are responsible for the stocks they choose. And particularly in this market, earnings show that there are far easier ways to find returns than Alcoa stock. Alcoa EarningsAs far as Alcoa stock is concerned, it's as if Wednesday's earnings report didn't even happen. AA stock has basically tracked the market in trading Thursday, which makes some sense.Alcoa's numbers did modestly beat Wall Street expectations. But that hardly changes the investment case for the stock. Investors should be looking forward, not backwards. And the release does little, if anything, to clarify the intense uncertainty surrounding the business.But what the release does show is Alcoa's strategy going forward. A few of the bullet points from the first quarter earnings highlight the direction in which the company is heading: * "Announcing the curtailment of the remaining 230,000 metric tons of uncompetitive smelting capacity at the Intalco smelter in Washington State as part of continuing portfolio review." * "Continuing to pursue sale of non-core assets, which generated $200 million through sale of Gum Springs facility in January." * "Planning cash initiatives to deliver $700 million in 2020 through savings or deferrals, including existing programs and new actions to address the economic uncertainty caused by the pandemic."Some of these efforts are due to plunging prices caused by the impact of the novel coronavirus. But many of the initiatives -- including the sale of "non-core" assets -- were in the works even before this crisis.This simply is a shrinking business. Again, that's not a new problem. Alcoa has been looking to sell assets for some time. It's closing plants. It split off Arconic. For investors, it's exceedingly difficult to capture upside in shares of a shrinking business. A Long-Term ProblemThe strategy hasn't worked. Looking at the stock chart for Howmet Aerospace (which technically is the descendant of the splits), the adjusted share price is back where it was in the 1980s.And it's worth revisiting the 2013 exit of Aloca stock from the Dow Jones. Alcoa was replaced by Nike (NYSE:NKE). At the same time, Hewlett-Packard (NYSE:HPQ) was removed in favor of Visa (NYSE:V). Goldman Sachs (NYSE:GS) was swapped in for Bank of America (NYSE:BAC).The Goldman/BofA swap was driven largely by changes in the financial industry. But the other two moves by the index manager, Standard & Poor's, were a response to changes in the broader world.Nike and Visa were much more stocks of the future. Indeed, after sell-offs, both stocks still look attractive. Meanwhile, HPQ and AA were stocks of the past. The same was true for General Electric (NYSE:GE), which was removed from the Dow in 2018.Successful investors look forward, not backward. Alcoa itself, when it looks forward, sees a challenged industry that requires less capital and less revenue, not more.Investors in this market have so many options to own growth at a reasonable price. That's the strategy to take now, rather than owning a fallen giant. The Case for Alcoa StockTo be sure, Alcoa stock is cheap relative to past levels. Aluminum prices likely will rally at some point. From here, it doesn't take much of a bounce for earnings to return to the green, which could lead the stock to gain.Truthfully, for Alcoa shareholders and employees, I hope the stock does gain. I take no pleasure in seeing an American company struggle. No one should.But hope isn't an investment strategy. Neither is owning a steadily shrinking business.That's not to say Alcoa has the wrong strategy. In fact, it's likely the company is executing the best strategy it can. But that's precisely the problem. Investors have access to too many quality, growing companies to own a business that's so boxed in.Matthew McCall left Wall Street to actually help investors -- by getting them into the world's biggest, most revolutionary trends BEFORE anyone else. The power of being "first" gave Matt's readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA) and +1,044% in Tesla (TSLA), just to name a few. Click here to see what Matt has up his sleeve now. Matt does not directly own the aforementioned securities. More From InvestorPlace * America's 1 Stock Picker Reveals Next 1,000% Winner * 25 Stocks You Should Sell Immediately * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post Earnings Highlight the Core Problem With Alcoa Stock appeared first on InvestorPlace.
I don’t know about you, but social distancing guidelines have changed how I play games. I’m lucky—or unlucky, depending on the day—to live with three other people. On one hand, I’ve been able to play a lot more couch co-op (like, a lot more). On the other, we…
Metal-maker stocks exploded higher on Wednesday, with shares of aluminum producers Alcoa (NYSE: AA) and Century Aluminum (NASDAQ: CENX) climbing 11.4% and 10.7%, respectively, while titanium producer Tronox (NYSE: TROX) closed 10.3% higher. The aluminum producers' rise is easier to explain than Tronox's jump. Bloomberg reported today that China, historically a large aluminum exporter and the source of about 50% of all aluminum produced globally, is shifting into import mode.
The optimism has spilled over from the biotech sector, too, to infect (in a good way) stocks as far away as the basic materials sectors of chemicals (Dow Chemical (NYSE: DOW) up 9.4% in 1:45 p.m. EDT trading), copper (Freeport-McMoRan (NYSE: FCX) up 8.4%), and aluminum, too, with Alcoa (NYSE: AA) shares up an astounding 16.3%! After all, it was only four days ago that Alcoa CEO Roy Harvey told Bloomberg that Alcoa lacks "the clarity [or] the orders on the books, to signal that there is a definitive recovery coming."
Companies In The News Are: XLNX, AA, LVS, CVBF
Like a lot of people, as I’ve been stuck inside quarantined from the outside world, I’ve started to look for little home improvement projects. And when it comes to smart home tech, after dipping your toes in the water with smart lights or a smart speaker, a c…
Alcoa (AA) delivered earnings and revenue surprises of 20.69% and 4.12%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
It's two years since U.S President Donald Trump imposed 10% tariffs on imports of aluminium, citing national security concerns. The stated aim was to provide a lifeline to domestic producers struggling against low prices and repeated waves of cheap product imports. Take the word of the four U.S. lawmakers who have just written to Trump, warning, "it is clear that your current policies are not working".
(Bloomberg) -- The U.S. proposed rules to track aluminum imports more closely, in a move that could address industry demands to block Chinese supply that skirts tariffs.While the Trump administration’s import levies are aimed at protecting against excess foreign supply of the metal, concerns have persisted that aluminum from China -- the world’s biggest producer -- is still flooding into the market.That’s because some Chinese supply could first be sent to another nation that isn’t subject to the duties. It’s then melted and reformed before being shipped again, masking its true origin. Criticism about surplus metal entering the U.S. via such transshipment and re-labeling to circumvent trade laws has preceded the Trump administration.Under the proposed new U.S. rules, importers will be required to identify the country from which the aluminum was originally obtained. They will also need to get a license for shipments. The program is modeled on a steel-import monitoring system that’s been in place for years.The Commerce Department’s regulations, which are subject to a 30-day public-comment period and would take another 30 to 90 days to be implemented, would give customs officials a strengthened tool to more quickly identify and react to improper trading of U.S.-bound aluminum.Combating Evasion“It is yet another affirmation of our commitment to use all available tools to combat circumvention and evasion of duties,” Commerce Secretary Wilbur Ross said in a statement Wednesday. “Today’s proposed regulations are an important step forward in ensuring that trade in aluminum is free, fair, and reciprocal.”Under the new North American trade deal signed last year, the U.S., Canada and Mexico all agreed to ramp up efforts to trace where metal comes from originally in an effort to stop the diversion of shipments from other nations to dodge tariffs. After the agreement, Canadian Prime Minister Justin Trudeau acted to beef up the government’s power to respond to dumping of aluminum and steel in the country.As recently as December, the Aluminium Association of Canada complained that the new North American trade law has failed to implement rules that would prevent transshipment of metal through Mexico. Chief Executive Officer Jean Simard said it made Mexico “more or less China’s North American backyard to dispose of the products of its overcapacity.”Mexico’s aluminum association, Instituto Mexicano del Aluminio, voiced its support for the Commerce Department’s proposal, saying that it will do all it can to help the U.S. stop unfair trade practices.Association President Fernando Garcia stressed that the Asian country accounts for 1% or less of Mexico’s primary and semi-finished imports. The majority of aluminum imported from China is can sheet, almost all of which the Latin American nation consumes, he said.“I want to make clear that Mexico is not doing any kind of irregular practices with the transformation of materials coming from China and then resent to the USA,” Garcia said in a phone interview. The association meets with Mexico’s commerce department monthly to analyze all imports and exports, he said.The U.S. Commerce Department is making the proposal just as the coronavirus pandemic has crushed demand in everything from retail goods to bank financing to commodities.Demand HitU.S. aluminum has been particularly affected, with all domestic smelters under water at current prices. Alcoa Corp., the biggest American producer, said last week that it would curtail all production at one of its smelters in Washington state.If implemented, the new rules would include monitoring imports of so-called semi-finished aluminum products. Alcoa has for years complained about China’s surging output of such products, which aren’t subject to the Asian country’s export taxes.Semi-finished, not primary aluminum, is the principal form of China’s market penetration into the rest of the world, which Alcoa Chief Executive Officer Roy Harvey said in January is flooding the global market and effectively displacing output of the primary form of the metal.China is the world’s largest exporter of the primary and semi-finished forms of aluminum, according to CRU Group. The country exports about 6 million metric tons annually, with about 90% to 95% of that being semi-fabricated products.(Adds comments from Mexico’s industry association in 9th, 10th and 11th paragraphs.)For 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.
Best answer: Yes. The DualSense has an internal battery that can recharged via USB-C. It is unknown what type of battery this is or if it is easily replaceable should it start to degrade. Current-gen: DualShock 4 ($60 at Best Buy) How can we recharge the Du…
Shares of Alcoa (NYSE:AA) rose 3.21% from the previous session close to $7.55. After the bell, the company reported Q1 results.Quarterly Results Earnings per share were ($0.23), which beat the estimate of ($0.24).Revenue of $2,381,000,000 lower by 12.43% year over year, which beat the estimate of $2,350,000,000.Details Of The Call Date: Apr 22, 2020Time: 05:03 AM ETView more earnings on AAWebcast URL: https://investors.alcoa.com/events-and-presentations/events/2020Recent Stock Performance Company's 52-week high was at $28.92Company's 52-week low was at $5.16Price action over last quarter: down 57.54%Company Overview Alcoa is a vertically integrated aluminum company involved in every phase of aluminum production, including bauxite mining, alumina refining, and the manufacture of primary aluminum. It is the world's largest bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain.See more from Benzinga * Morning Market Stats in 5 Minutes * 20 Basic Materials Stocks Moving In Friday's Pre-Market Session * 6 Basic Materials Stocks Moving In Tuesday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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With the U.S. cautiously reopening, it’s probably time to take stock of where you're at. After spending all these weeks in the house, you’ve likely already assembled a little list of items you either realized you were missing or need to replace. And those kin…
Alcoa Corp. (NYSE: AA) announced during its Wednesday earnings call that it plans to curtail the rest of its smelting capacity at its Intalco smelter in Ferndale, Washington, after it recorded a net loss of $24 million in the first quarter of 2020. “The smelter faces significant cost challenges that have only been exasperated by Covid-19,” Alcoa CEO Roy Harvey said during the call. The strategy will curtail the remaining 230,000 metric tons of smelting capacity at the plant by the end of July, effectively shutting it down.
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China’s constantly shifting methodology for counting the number of cases of the coronavirus that causes COVID-19 has led it to greatly understate the numbers and the true tally may be four times the official figures, according to a new study by researchers in Hong Kong.
Alcoa (AA) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
From the origins of Appalachian State mascot Yosef to Florida's coach getting arrested in Cuba during the 1912 Bacardi Bowl, these are just a few of the hard-to-believe stories for college football's top teams.
The aluminum company saw a big rebound in April, but it doesn't make up for the even bigger losses it's seen this year.
It’s absolutely primitive by today’s standards, but when Pong arrived in 1972, it was a technological marvel. So how did Tomy create a handheld knock-off of the game in 1977 when the electronics needed to miniaturize it didn’t exist yet? It created this mecha…