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by: Hard Assets Investor posted on: October 09, 2008 | about stocks: By Julian Murdoch With everything that's been going on in the market lately, what's a little more bad news? After the market closed on Tuesday, Alcoa started the third-quarter earnings reporting season with a bang. Unfortunately, it was not the fun party kind, but the giant gaping crater kind. Analysts (Bloomberg survey) had estimated that Alcoa would post earnings around 51 cents per share. The reality turned out to be 37 cents per share. Needless to say, Alcoa's stock price took a beating, hitting a low of $13.40 on Wednesday before closing at a 52-week low of $14.71 - down nearly 12% on the day, and off an ungodly amount from its midsummer high of $45/share. The problem, according to Alcoa, is a devil's brew of falling aluminum prices, falling demand and... [read full story]
