Alcoa's stock tumbles to pace NYSE decliners after outlook cut, citing 'unfavorable' tariff impact [MarketWatch]
Alcoa Corporation (AA)
Last alcoa corporation earnings: 4/22 04:10 pm
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Source: MarketWatch
Alcoa's stock tumbles to pace NYSE decliners after outlook cut, citing 'unfavorable' tariff impact Shares of Alcoa Corp. AA, -10.07% tumbled 8.3% toward a seven-month low in active morning trade Thursday, enough to pace all the decliners listed on the NYSE, after the aluminum company cuts its outlook , citing the unfavorable impact of aluminum tariffs and increased energy costs. Volume of 5.8 million shares was already more than double the full-day average of 2.7 million shares. Chief Executive Roy Harvey said on the post-earnings conference call that tariffs on imported aluminum has only resulted in a "limited increase" in U.S.-based supply, so imports will remain essential to satisfy demand, according to a transcript provided by FactSet. Analyst Michael Gambardella at J.P. Morgan reiterated his overweight rating but cut his stock price target to $80 from $86. The stock has now plunged 27% over the past three months, while the S&P 500 [: spx] has gained 4.1%.
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- Industrial leader Dag J. Opedal elected to be the new Chair of HydrogenPro ASA [Yahoo! Finance]Yahoo! Finance
- Alcoa raised at Morgan Stanley on cost saving measures [Seeking Alpha]Seeking Alpha
- Alcoa Co. (NYSE: AA) was upgraded by analysts at Morgan Stanley from an "underweight" rating to an "equal weight" rating. They now have a $36.50 price target on the stock, up previously from $28.50.MarketBeat
- Alcoa Co. (NYSE: AA) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
- Alcoa Corporation (NYSE:AA) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
AA
Earnings
- 4/17/24 - Miss
AA
Sec Filings
- 4/24/24 - Form DEFA14A
- 4/18/24 - Form DEFA14A
- 4/17/24 - Form DEFA14A
- AA's page on the SEC website