Alcoa Continues To Move Lower
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Before the open, citing a "lack of catalyst," analyst Josh W. Sullivan lowered his rating to Neutral and slashed his price target from $17 to $12.
The issue, which is well off its high for the year ($17.10) had been attempting to find support just under the $12 level, making five consecutive lows in the $11.90 area. However, that support gave way just after the open, declining to $11.69 and it is not far off that level.
That marks the lowest level for the issue since it bottomed in March 2014 at $11.61 on its way to the recent four-year high above $17.
Today's decline is taking place on heavier than average volume. So far, it has traded nearly 16 million shares compared with its 20 day average of 16.2 million with over two hours remaining in the session.
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