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Alcoa Earnings Beat Estimates; JP Morgan Upgrades Stock
By ETF Channel Staff, Friday, October 8, 10:57 AM ET
Shares of Alcoa (NYSE:AA) are trading higher by about six percent this morning following a better than expected earnings report. The stock was also upgrade by J.P. Morgan (NYSE:JPM) to overweight from neutral, though shares are still down 20% in 2010.
Earnings were $61 million, or 6 cents a share, versus with $77 million or 8 cents a share in the quarter a year ago. The drop was attributed to a drop in the price of aluminum and a weak dollar.
Alcoa's 2010 global aluminum consumption forecast was increased to to 13 percent from 12 percent, based on growing demand in countries like China and Russia.
Alcoa is a major component of The SPDR Materials ETF (AMEX:XLB) and the ProShares Ultra 2 X Materials ETF (AMEX:UYM), both of which are trading higher today on the earnings results and improved forecasts.
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