Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Alcoa Kicks Off Earnings Season

ByZacks Investment Research
Published 10/10/2016, 10:24 PM
Updated 07/09/2023, 06:31 AM

Alcoa (NYSE:AA) AA reported Q3 earnings before the bell today, in what has been traditionally known as the start of earnings season. The raw aluminum and specialty parts maker missed estimates on both top and bottom lines — 32 cents per share missed the 34 cents expected, on revenues of $5.21 billion which were lower that the Zacks Consensus Estimate of $5.33 billion.

The miss has sent AA shares down 3.5% in pre-market trading. Depending how analysts view the forthcoming split for Alcoa into its basic raw materials business and its aerospace/automotive parts manufacturing company, Arconic, we may see more slack in Alcoa’s trading price. The company has bid up more than 9% in the past month prior to this earnings and sales miss — the company’s first negative surprise since the September quarter last year.

Death of a Smartphone

Samsung’s Galaxy Note 7 has been permanently discontinued, following a problematic recall operation that replaced Note 7 phones with faulty batteries at risk of explosion… with new phones that have the same batteries. The lithium ion batteries in the phone tend to catch fire. Whoops!

Samsung shares — which trade on the South Korean stock market — fell 8% as a result. The company had become the main competitor of Apple’s AAPL iPhone enterprise, but this failed launch of the new Note 7 has set the company back. Officially, Samsung (KS:005930) is “temporarily adjusting” the troubled phone’s production schedule, but all indicators are the phone is finished.

Original post

Zacks Investment Research

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.