JUMP REPORT
| Avg Daily Volume: 3,839,982 Market Cap: 3.46B Sector: Basic Materials Short Interest: 6.18 |
EARNINGS EXPECTATIONS:
THIS QTR: EPS: -.23/share REV: 2,470/M
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LAST QTR: EPS: -.33/share ACTUAL: -.44/share (MISS)
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NEXT QTR: EPS: .07/share REV: 2,510/M
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FULL YR: EPS: -.87/share REV: 10,520/M
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*These are the base metrics we will be watching against the actual release numbers
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BEAT/MISS RECORD: 58% OF THE TIME THEY BEAT ESTIMATES
PRIOR ‘JUMP ZONE’ MOVES (LAST 3 QTRS %) 12.56, 6.39, -7.23
EXPECTED JUMP MOVE: 8-10%
Links To Latest News and Headlines
Global aluminium production growth ground to a halt in the second quarter of this year even as prices rallied to multi-year highs on both London and Shanghai markets. China, the world’s largest producer, continued to lift operating rates, unsurprisingly given Shanghai prices hit an 11-year high in June and the country’s demand has been running red hot. However, the supply response to super-high prices has been muted by past standards, attesting to a string of power-related constraints on smelters in several Chinese provinces.
During earnings season, one often gets to see glaring examples of how irrational the stock markets can be. Alcoa reported its second-quarter numbers on July 15 after market close. It was the company’s strongest quarter since 2016, when it became an independent upstream aluminum company after the-then Alcoa split into two.
The aluminum stock’s second-quarter earnings failed to impress, but the market could have missed the good points.
Alcoa (NYSE: AA) shares shot through the roof on Tuesday, jumping as high as 10.7% as of 2:40 p.m. EDT. With yet another analyst joining the bandwagon who believes Alcoa shares have significant upside ahead, more and more investors are betting on the stock. Morgan Stanley turned bullish about the metals and mining sector in June and singled out Alcoa as a top pick.
By Peter Nurse
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