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Thursday, January 9, 2014

Alcoa reports big loss after impairment charge, (NYSE: AA)

Alcoa Inc reported a massive quarterly loss on Thursday after recent declines in aluminum prices led to a $1.7 billion non-cash impairment charge on smelter acquisitions.Shares of the largest U.S. aluminum producer fell 4 percent in after-hours trade after the company posted a profit adjusted for one-time items that fell short of analyst expectations and it issued an outlook for stagnant growth in global aluminum demand."If investors were hoping that the new year would bring a somewhat rosier picture for Alcoa, they really aren't seeing or hearing much difference from 2013," said Jonathan Pavlik, a portfolio manager at Stewart Capital in Pittsburgh on the forecasts.Prices for aluminum - used in the aerospace, construction and automotive industries - have remained stubbornly low because of a massive global surplus of metal.

Alcoa Inc. (Alcoa) is engaged in the production and management of primary aluminum, fabricated aluminum, and alumina combined, through its participation in technology, mining, refining, smelting, fabricating, and recycling. Shares of AA fell by 1.29% or $-0.14/share to $10.69. In the past year, the shares have traded as low as $7.63 and as high as $10.88. On average, 25175300 shares of AA exchange hands on a given day and today's volume is recorded at 49841976.