Jason Cimpl submits: While the market consolidated ahead of Alcoa earnings, oil collapsed after progress was made by the AU in Libya. Monday it was reported that Muammar Gaddafi had agreed to stop his acts of violence and begin peace talks. While the situation is far from over, and Libya’s rebels have not recognized the deal with Muammar Gaddafi, the circumstances have improved.
Jan. 8 (Bloomberg) -- Alcoa Inc., the largest U.S. aluminum producer, is set to record the strongest annual earnings growth in three years as the price of the commodity rebounds and after the company closed its most inefficient smelters.
By Takeover Analyst:Wall Street analysts are currently showing no love for three major aluminum miners. Given macro headwinds, cost pressures, and high volatility, the consensus is that the vulnerable fundamentals of Alcoa (AA), Norsk Hydro (NHYDY) and Century Aluminum (CENX) all warrant a "hold" rating.
By Robert Broens: Shares of Alcoa (AA) trade 5% higher in after hours trading on the back of its first quarter results. Alcoa traditionally opens the earning season, a reason why analysts watch the results of the aluminum giant closely.
First Quarter Results
We maintain our Neutral recommendation on Alcoa Inc. (AA) after it reported first-quarter 2011 earnings per share of $0.28, which was a penny ahead of the Zacks Consensus Estimate. However, revenues of $5.96 billion missed the Zacks Consensus Estimate of $6.112 billion.