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Minyanville Underground Railroad: Rinse and Repeat


Sneak Peek

Below is an excerpt from Todd's column, Rinse and Repeat, which will publish on Minyanville tomorrow morning. This is a MUR exclusive:

Earnings season is upon us and the world is watching with bated breath.

The leader of the procession was Alcoa (AA), which missed guidance and took a ten percent hit. Given the 35% rally into the report, investors can't help wonder if the "sell the news" reaction will serve as a microcosm of what's to come.

There's more to this story than meets the eye. CFO Charles McLane Jr. offered on the conference call that the company willingly sacrificed earnings to preserve cash. That effort cost 21,000 employees their job and slashed capital spending expenditures in half.
That shouldn't come as a shocker for readers of my column. Precisely one year ago, Alcoa executives famously said they would "identify and implement effective responses that strengthen market competitiveness and financial staying power during the economic downturn." See Financial Staying Power.

That's been the underlying theme this past year: to bet, or not to bet...

Click here for the full article.

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