Why Alcoa Stock Is Crashing Today
Shares of aluminum giant Alcoa (NYSE: AA) plunged this morning and were trading down as much as 13.1% as of 10:50 a.m. ET. Given the way Alcoa stock rose in recent weeks, today's knee-jerk reaction is a surprise as the company just delivered a strong set of first-quarter numbers. It simply failed to meet the market's expectations, and multiple analyst downgrades have only helped fueled the negative sentiment.
Alcoa released its first-quarter earnings report yesterday evening after market close. The company's net income more than doubled year over year to $469 million on 14.7% revenue growth.
So what's not to like here? The market expected Alcoa to report even higher revenue given the recent surge in aluminum prices in the wake of the Russia-Ukraine conflict.
Source Fool.com
