Jul
3
Written by:
Steve Patterson
7/3/2009 11:18 PM
Alcoa Inc (AA) Breaks Down before Earnings
Alcoa Inc. (AA) moved lower on Thursday as commodities across the board struggled and the overall market fell as jobs data lead many to disbelieve the 2nd quarter will represent a turnaround in the US economy. The stock fell 4.73% to break below an early lower for the past 30 days of $10 a share. The company is set to announce their earnings on July 8, Wednesday of this coming week.
Revenue and Earnings
Revenue and Earnings estimates for the company have been reduced over the past three months with 2nd quarter earnings now expected to be a loss of 34 cents. This represents a decline of 151% from the earnings of the same quarter a year ago. Revenue is also expected to show a decline with the current estimate at a reduction of 48% compared to last year’s 2nd quarter.
Beginning of Earnings Season
The company has missed it’s earnings estimates the past three quarters, missing by 2 cents in March. The Alcoa report represents the beginning of the 2nd quarter earnings season which should provide the markets with direction up or down going forward. If both Alcoa and Chevron (CVX) provide disappointing earnings this coming week, the markets could fall for the week giving investors a trade for the final 2 days.
© 2009 FastSwings.com
8 comment(s) so far...
Re: Alcoa Inc (AA) Breaks Down before Earnings
Oh well, this decline was predictable. But I`m truly looking forward to July 8.
By Perry Guard on
7/5/2009 8:08 AM
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Re: Alcoa Inc (AA) Breaks Down before Earnings
yes sad.. but was predictable!
By roofers in leeds on
7/6/2009 5:25 AM
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Re: Alcoa Inc (AA) Breaks Down before Earnings
I completely aggree - very predictable .
Will be interesting to see how it develops
By katie on
7/7/2009 11:19 AM
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Re: Alcoa Inc (AA) Breaks Down before Earnings
Hi,
Yes I would agree that the breakdown was predictable and definitely I would be looking forward to see how it develops again.
- J.
By Reverse Mortgage Virginia on
7/15/2009 4:20 AM
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Re: Alcoa Inc (AA) Breaks Down before Earnings
It was obvious but after 6 months the company's financial situations are going to change dramatically. i am sure about it.
By smithaged on
7/22/2009 4:32 PM
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Re: Alcoa Inc (AA) Breaks Down before Earnings
That was a nasty day for some shareholders.
By Bernard King on
9/6/2009 9:08 AM
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Re: Alcoa Inc (AA) Breaks Down before Earnings
that's crazy thing for me! sometime it's happened, sometime it's not.
By Secrets of Traders on
9/7/2009 5:19 AM
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Re: Alcoa Inc (AA) Breaks Down before Earnings
Seems the markets are rising slightly but still majority of them are suffering the wrath of the recession.
By David Miller on
3/22/2010 6:57 AM
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