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Two Ways: Alcoa Beats Estimates, Stays Afloat


Strengthen your portfolio in good times and bad.

Alcoa Kicks Off Earnings Season

Let the games begin. Alcoa (AA) kicked off earnings season yesterday after the bell. The big blue chip aluminum maker reported a loss of $0.26 a share for the second quarter which was 12 cents better than consensus estimates. Revenues fell 41.4% year-over-year to $4.24 billion above estimates of $3.93 billion.

In a statement the company said the economic downturn has affected most of its end markets – automotive, commercial transportation, building and construction, and aerospace. But Alcoa reaffirmed that it has the staying power and reduced cost base to withstand the most serious downturn in the history of the aluminum industry.

From the Bull Pen: It looks like stocks are headed for a higher opening. If bulls can sustain this strength, it could appear that the market was overly bearish. A high beta stock like Baidu (BIDU) could be a good vehicle for aggressive traders. Sell stops can be set below $270.

From the Bear Cave: Bears can consider playing the downside in Toyota (TM). The stock may be rolling over and could have a destiny with its 200 DMA (currently 69.50). A buy stop can be set two points above entry.

Quick Check Around the World

Asian trading closed with the Hang Seng 0.39%, India -0.08%, Shanghai 1.37%, Nikkei -1.38%, and Taiwan 1.20%.

Glancing towards Europe, we see the FTSE 0.68%, CAC 0.88%, DAX 1.31%

As of 8:10 AM EST, S&P Futures are trading +7.50 to 881.20 and Nasdaq futures are +8.5 to 1415.50.

A Look at Commodities

Over in commodities, crude oil is trading +0.97 to 61.11 while gold is +4.30 at 913.60 this morning. Silver is +0.380 to 12.89 and copper +4.95 to 219.75.

The dollar index is -0.5850 to 80.4200.

On the Radar


08:30 Initial Claims
10:00 Wholesale Inventories -1.0%

Click here for the full trading radar.

Good luck today!
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No positions in stocks mentioned.

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