shares spiked more than 7% after the bell, despite the company lowering its outlook on aluminum demand and reporting weaker-than-expected earnings for its third quarter.
The aluminum manufacturer cited weakening macroeconomic conditions, trade tensions, and contracting manufacturing in the auto sector in its lowered outlook. Alcoa reported a loss of 44 cents per share compared to the 33 cent loss per share analysts expected. Revenue also came in short of expectations at $2.57 billion, below the $2.59 billion Wall Street forecasted, according to Refinitiv consensus estimates.
"Looking ahead, our customers remain upbeat about their business prospects well into next year. At the same time, we know that lingering economic uncertainty could impact construction and industrial activity," said CEO Matthew Flannery.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks making the biggest moves premarket: Bank of America, Bank of NY Mellon, MGM Resorts & moreThese are the stocks posting the largest moves before the bell. Is the mythical Phase 1 of the China trade “deal” finalized and signed? I don’t believe promises to buy more soybeans. And I don’t buy realDonaldTrump bluster. Please report on the trade war with China.
Source: CNBC - 🏆 12. / 72 Read more »
Stocks making the biggest moves midday: UnitedHealth, JP Morgan, Johnson & Johnson and moreThese are the stocks posting the largest in midday trading.
Source: CNBC - 🏆 12. / 72 Read more »
Stocks making the biggest moves after hours: United Airlines, Cardinal Health, MGM and moreSee which stocks are posting big moves after the bell on Tuesday.
Source: CNBC - 🏆 12. / 72 Read more »
Stocks making the biggest moves midday: Bank of America, Adobe, Workday and moreThese are the stocks posting the largest moves in midday trading. Manipulated by Boeing
Source: CNBC - 🏆 12. / 72 Read more »
Global stocks, pound rise on cautious Brexit deal hopesAsian stocks and the pound gained on Tuesday as investors held out hope that Bri... trump shows he race hate u nations says to him 160,000 humans middle east help TRUMP SAYS I TALKING TO MY BEST WHITE FRIEND ONLY bbc report,uk best thing for stocks - reelect Trump.
Source: Reuters - 🏆 2. / 97 Read more »
European stocks seen cautiously higher ahead of critical EU summitEuropean stocks were expected to open cautiously higher Tuesday as investors look ahead to a critical meeting between U.K. and European Union leaders, which will likely decide the fate of Brexit.
Source: CNBC - 🏆 12. / 72 Read more »