Market Overview - Pre-market futures are down, indicating a mass realization of historically high market levels, with the Dow hitting an all-time closing high recently [1] - The Dow is down 120 points, S&P 500 down 56 points, Nasdaq down 300 points, and Russell 2000 down 17 points, but no significant correction is observed at current levels [1] Housing Market - Housing Starts for June show a bounce back to 1.352 million seasonally adjusted, annualized units, up from 1.314 million, which remains at multi-year lows [1] - Building Permits are at 1.446 million seasonally adjusted, annualized units, surpassing the expected 1.40 million and the revised May figure of 1.399 million [2] - Multi-family units led gains in Housing Starts with a 22% month-over-month increase, while Single-family units decreased by 2.2% [3] - Developers are pulling back on Multi-family developments due to sufficient supply, while Single-family homes are in short supply as current homeowners are reluctant to sell [3] Company Earnings - Johnson & Johnson (JNJ) reported Q2 earnings of $2.82 per share, beating expectations by 4%, with revenues of $22.45 billion exceeding the Zacks consensus by 0.45% [4] - Despite the earnings beat, JNJ shares are only modestly up on a down trading day, not significantly impacting the year-to-date selloff of 3% [4] - Upcoming Q2 earnings results include United Airlines (UAL) and Alcoa (AA), with expectations for continued positive performance following strong results from major Wall Street banks [4]

Loading...Loading...Alcoa Corporation AA will release its second quarter financial results, after the closing bell on Wednesday, July 17.Analysts expect the Pittsburgh, Pennsylvania-based company to report quarterly earnings at 6 cents per share, versus a year-ago loss of 35 cents per share in the year-ago period. Alcoa is expected to post revenue of $2.84 billion, compared to $2.69 billion a year earlier, according to data from Benzinga Pro.On Tuesday, Alcoa announced stockholder approval related to propos ...

Core Viewpoint - Alcoa (AA) has received an upgrade to a Zacks Rank 2 (Buy) due to a significant upward trend in earnings estimates, which is a strong indicator of potential stock price movement [1][2]. Earnings Outlook - The Zacks rating upgrade reflects a positive outlook on Alcoa's earnings, suggesting that this could lead to favorable stock price movements [2]. - For the fiscal year ending December 2024, Alcoa is expected to earn $2.20 per share, representing a 196.9% increase from the previous year's reported figure [5]. Earnings Estimate Revisions - Over the past three months, the Zacks Consensus Estimate for Alcoa has surged by 570.2%, indicating a strong upward revision trend in earnings estimates [5]. - The correlation between earnings estimate revisions and near-term stock movements is emphasized, with institutional investors often reacting to these changes, which can lead to significant price movements [3][4]. Zacks Rank System - The Zacks Rank system classifies stocks based on earnings estimate revisions, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating, indicating superior earnings estimate revision characteristics [6][7]. - Alcoa's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for price appreciation in the near term [7].

Group 1 - Alcoa (AA) is a notable stock in the Industrial Products sector, currently ranked 4 among 218 individual stocks [1] - The Zacks Rank system indicates that Alcoa has a Zacks Rank of 2 (Buy), reflecting a positive earnings outlook [2] - Alcoa's year-to-date performance shows a return of 15.6%, outperforming the sector average of 7% [2] - The Zacks Consensus Estimate for Alcoa's full-year earnings has increased by 570.2% over the past quarter, indicating improved analyst sentiment [2] - Alcoa belongs to the Metal Products - Distribution industry, which has gained an average of 9.5% year-to-date, outperforming its industry peers [3] Group 2 - Chart Industries (GTLS) is another strong performer in the Industrial Products sector, with a year-to-date return of 18.2% [2] - Chart Industries has a Zacks Rank of 2 (Buy), with a consensus EPS estimate increase of 1.3% over the past three months [3] - Chart Industries is part of the Manufacturing - General Industrial industry, which has a year-to-date return of 7.4% and is currently ranked 49 [3]

Core Insights - Alcoa (AA) is expected to report a quarterly loss of $0.02 per share, a 94.3% increase in loss compared to the previous year, with revenues forecasted at $2.87 billion, reflecting a 7% year-over-year increase [1] - The consensus EPS estimate has been revised upward by 70.2% over the past 30 days, indicating a significant reassessment by analysts [1] Revenue and Sales Projections - Analysts project 'Total sales- Alumina' to be $1.37 billion, a 6% increase from the year-ago quarter [2] - 'Total sales- Aluminum' is expected to reach $1.92 billion, indicating a year-over-year change of +7.3% [2] - 'Third-party sales- Bauxite' is forecasted at $110.07 million, showing a decline of 2.6% year-over-year [2] Price and Shipment Estimates - The average realized third-party price per metric ton of alumina is projected at $382.24, up from $363 in the same quarter last year [3] - The average realized third-party price per metric ton of aluminum is expected to be $3,011.18, compared to $2,924 in the previous year [3] - 'Third-party alumina shipments' are estimated to reach 2,281.06 Kmt, an increase from 2,136 Kmt year-over-year [3] - 'Third-party aluminum shipments' are projected at 633.80 Kmt, up from 623 Kmt in the same period last year [3] Production Estimates - 'Alumina production' is expected to be 2,534.13 Kmt, slightly down from 2,559 Kmt in the same quarter last year [4] - 'Aluminum production' is forecasted at 545.52 Kmt, an increase from 523 Kmt year-over-year [4] - 'Bauxite production' is estimated at 10.10 Mmt, compared to 10 Mmt in the previous year [4] - 'Third-party bauxite shipments' are projected to be 1,732.62 Mmt, down from 1,800 Mmt year-over-year [4] Stock Performance - Alcoa shares have changed by +1.7% over the past month, compared to a +4.3% move in the Zacks S&P 500 composite [5] - The company holds a Zacks Rank 3 (Hold), indicating expected performance in line with the overall market [5]

Nandani Bridglal Shares of aluminum giant Alcoa Corporation (NYSE:AA) rose by over 2% in early trading on July 11th. This came after the company announced, following the close of business on July 10th, preliminary financial results covering the second quarter of the company's 2024 fiscal year. Although management has only provided a snippet of data covering that time, it is clear that the financial picture is better, not only on a year-over-year basis, but also better than what analysts anticipated. Tho ...

Core Viewpoint - Alcoa Corp's stock has experienced a decline of 3.8%, trading at $38.78, marking its third consecutive daily loss after a rally in early July that peaked at $43 [1] Group 1: Stock Performance - Alcoa's stock has dropped 8.3% this week and is approaching its +10% year-over-year level [1] - The stock is currently near a historically bullish trendline, which could indicate potential for recovery [1] Group 2: Technical Analysis - The stock's recent drawdown has placed it within one standard deviation of its 80-day moving average [1] - Historical data shows that after four similar signals in the past three years, the stock was higher after half of these occurrences, averaging a 9.1% gain over one month [1] Group 3: Short Interest and Analyst Sentiment - An increase in short interest of 2.4% in the last two reporting periods has resulted in 12.77 million shares sold short, representing 7.2% of the stock's available float [2] - Among the 10 analysts covering Alcoa, six have rated the stock as a "hold" or worse, indicating a potential sentiment shift that could impact stock performance [2]

Core Viewpoint - Alcoa (AA) is anticipated to report a year-over-year increase in earnings driven by higher revenues, with the earnings report set for July 17, 2024, being a significant factor for its stock price movement [1][2]. Revenue and Earnings Estimates - The company is expected to post a quarterly loss of $0.02 per share, reflecting a year-over-year change of +94.3% [2]. - Revenues are projected to reach $2.82 billion, marking a 5.2% increase from the same quarter last year [2]. Estimate Revisions Trend - The consensus EPS estimate has been revised 70.19% higher in the last 30 days, indicating a reassessment by analysts [3]. - The direction of estimate revisions may not always align with the aggregate change, highlighting the variability in analyst expectations [3]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% for Alcoa [4][6]. - The stock currently holds a Zacks Rank of 3, suggesting a neutral outlook [6]. Historical Performance - In the last reported quarter, Alcoa was expected to post a loss of $0.62 per share but actually reported a loss of $0.81, resulting in a surprise of -30.65% [8]. - Over the past four quarters, Alcoa has beaten consensus EPS estimates twice [8]. Conclusion - Alcoa does not appear to be a strong candidate for an earnings beat based on current estimates and historical performance, but other factors should also be considered when evaluating the stock ahead of its earnings release [9].

As the global economy faces numerous headwinds, including fluctuating commodity prices and economic uncertainty, certain materials stocks are increasingly risky investments. Here are three materials stocks to sell to reduce exposure to this market cyclicality.A number of headwinds are battering these materials stocks. Persistent inflationary pressures have led to elevated interest rates, which have a twofold impact on materials stocks. Higher rates increase borrowing costs for companies, squeezing profit ma ...

MADRID, SPAIN - JANUARY 26: The Secretary of State for Industry, Rebeca Torro, making a statement ... [+] after the meeting of the Alcoa monitoring committee, at the Ministry of Industry, on 26 January, 2024 in Madrid, Spain. (Photo By Gabriel Luengas/Europa Press via Getty Images)Europa Press via Getty ImagesAlcoa is expected to publish its Q2 2024 results around July 17, reporting on a quarter that saw aluminum prices pick up notably. Alcoa stock has fared well this year, rising by 17% since early January ...