Why Shares of Alcoa Are Soaring Today
Shares of Alcoa (NYSE: AA) climbed more than 10% on Thursday morning following the aluminum giant's third-quarter earnings report. Alcoa came in short of earnings and revenue expectations, but investors were more focused on the company's plans to streamline costs. The stock is up 8.5% as of 10:39 a.m. EDT.
After markets closed on Wednesday, Alcoa reported a third-quarter loss of $0.44 per share on revenue of $2.57 billion, missing analyst predictions for a $0.33-per-share loss on revenue of $2.59 billion. The $0.44-per-share loss excludes $139 million in special items, most of which were tied to the divestiture of two facilities in Spain.
CEO Roy Harvey in a statement lauded "strong operational performance" during the period, while admitting "market and pricing challenges persisted through the quarter."
Source Fool.com
