Alcoa Lower After Announced Split

Alcoa Inc AA shares are trading lower by $0.29 at $9.04 in Wednesday's session. The Street isn't reacting favorably to the details of its upcoming split.

After a higher open along with the broad market, it ticked by only one penny to $9.52 before reversing course. The ensuing decline took the issue to $9.01 and it isn't far off that level. That is only $0.06 away from its low last Friday at $8.95, exemplifying an extremely weak relative performance to the broad market.