Alcoa shares plunge amid gloomy outlook (AP)

Wednesday October 8, 7:25 pm ET By Daniel Lovering, AP Business Writer Sharp profit decline, gloomy forecast send Alcoa shares skidding to lowest point in years PITTSBURGH (AP) -- A dramatically lower third-quarter earnings report sent Alcoa Inc.'s shares tumbling Wednesday, but the aluminum producer and analysts suggest the worst may be yet to come. The Pittsburgh-based company said lower prices and weaker demand would squeeze margins further in the months ahead, and it unveiled plans to conserve cash by suspending its stock buyback program and unessential capital projects. The company authorized the repurchase of up 25 percent of its shares outstanding in October 2007 under a program that had been set to expire at the end of 2010. "At this point, we are forecasting that all of our North American end markets will decline... [read full story]