Alcoa Inc AA shares are trading lower by $3.36 (10 percent) at $28.15 in Tuesday's session. The company, which in the past has reported earnings after the close, surprised the Street when it announced Q3 adjusted EPS of $0.32 along with a slight miss in sales.
The results may be a bit convoluted as the official separation of the company does not become effective until November 1. Shareholders are also adjusting to its recent 1-for-3 reverse stock split.
After a lower open, it managed only a brief bounce to $29.72 before sellers swarmed the issue. It has continued to make new lows for the session, with the current one standing at $28.04.
That may be a potential area of support for the issue, as it made a series of five lows between $27.90 and $28.11 from September 14-20.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.