Alcoa Tanks Off Revenue Miss, Challenging Outlook: A Technical Look

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. Alcoa Inc AA shares were trading lower by $0.65 (5 percent) at $13.02 in Thursday's session. Despite beating Wall Street estimates for EPS, the Street may be focusing on lower revenues ($5.88 billion vs. $5.94 billion estimates) in today's session. The issue, which had rallied from its recent low made on March 27 at $12.65 all the way to $13.80 in Wednesday's session, is relinquishing most of the gains in Thursday's session. Related Link: BMO Sees Challenging Times Ahead For Alcoa Due To Pricing Pressure After a lower open (today's open of $13.45 vs. Wednesday's close $13.67), it managed only a $0.03 pop to $13.45 before the bottom fell out. So far, it has reached $12.96 in Thursday's session, which is its lowest level since it bottomed at $12.79 on April 2.