|Bid||17.68 x 3200|
|Ask||17.66 x 1200|
|Day's Range||17.51 - 18.25|
|52 Week Range||16.46 - 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||23.77|
(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 firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, 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.
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?
Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today reported fourth quarter and full-year 2019 results.
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.
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 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.
Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, today announced that it will permanently close its Point Comfort alumina refinery in Texas.
Is it time for the animal spirits to be released on Wall Street amid speculation of a concrete U.S.-China trade deal?
(Bloomberg) -- Apple Inc. is taking delivery this month of the first batch of carbon-free aluminum produced by a Montreal-based venture, helping move the iPhone maker closer to its greenhouse-gas reduction goal.Elysis, a joint venture between Rio Tinto Group and Alcoa Corp. backed by Apple, uses new technology that emits pure oxygen when producing aluminum. Apple has said in an environment report that 80% of its emissions from an iPhone 8 came during the production phase. The metal is also used in iPads, Macs and Apple watches.“For more than 130 years, aluminum — a material common to so many products consumers use daily — has been produced the same way,” Lisa Jackson, vice president of environment, policy, and social initiatives at Apple, said in an emailed statement.Rio’s commercial network is handling the first delivery to Apple, a Rio spokesman said in an email.“This is another important step towards zero carbon aluminum and a more sustainable future,” said Alf Barrios, Rio Tinto Aluminium chief executive officer.The metal being shipped to Apple was produced at the Alcoa Technical Center in Pittsburgh.“This first sale is tangible evidence of our revolutionary work to transform and disrupt the conventional smelting process by making a process that is both more efficient and more sustainable,” Benjamin Kahrs, an Alcoa executive vice president and Chief Innovation Officer, said in a statement.\--With assistance from Mark Gurman and Steven Frank.To contact the reporter on this story: Joe Deaux in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The metal is being made by Elysis, a Montreal-based joint venture of Alcoa Corp and Rio Tinto announced last year with $144 million (£112.24 million) in funding from the two companies, Apple and the governments of Canada and Quebec. The aluminium will be shipped this month from an Alcoa research facility in Pittsburgh and used in Apple products, although the technology company did not say which ones. The smelting process involves passing electrical current through a large block of carbon called an anode, which burns off during the process and releases carbon dioxide into the atmosphere.
Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, today announced additional actions to reduce liabilities and volatility risk from pensions and other postemployment benefits (OPEB).