Don't believe the headline hype on Alcoa - James Cullen

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Don't believe the headline hype on Alcoa
Jul 09, 2009 11:20 PM UTC

James Cullen

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Filed under: Earnings reports, Alcoa Inc (AA)

Aluminum producer Alcoa Inc. (NYSE: AA), the first Dow Jones Industrial Component to report earnings, beat estimates when they announced after the bell -- or so the story goes. It continues that this touched off buying interest across the market that had been sorely lacking in prior sessions. There's only one problem: Alcoa's results weren't very good, and they didn't boost the market.

Alcoa opened trading today up more than 5.5% from its close yesterday, before it reported earnings. Going into the final minutes of trading, the stock was down more than 2% -- a tough reversal for those buying on the pop. The company reported a headline EPS of -$0.32, or -$0.26 excluding restructuring charges. This compared to analysts' consensus of -$0.38 on $3.9 billion in revenue.

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Don't believe the headline hype on Alcoa originally appeared on BloggingStocks on Thu, 09 Jul 2009 18:20:00 EST. Please see our terms for use of feeds.

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