Alcoa: Different Time Of Earnings Release, Same Results
Alcoa Inc (NYSE: 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.
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