The Real Reason Why Aluminum Stock Alcoa Corp Slumped 13.1% in November
Alcoa Corp's (NYSE: AA) last major press release was in October, when it announced its third-quarter numbers. Yet, shares of the world's largest manufacturer of bauxite, alumina, and aluminum products slumped 13.1% in November, making it one of the worst months for the stock this year. Comparatively, rival Century Aluminum (NASDAQ: CENX) ended the month with only about 5.4% losses after regaining lost ground. What gives?
Alcoa shares started losing ground late-October after the company missed profit estimates for the third quarter. Nonetheless, it was a strong earnings report overall, with Alcoa even upgrading its full-year estimates for earnings before interest, tax, depreciation, and amortization (EBITDA) by 9% from the higher end of its previous guidance to $2.4 billion, thanks to higher year-over-year shipments and aluminum prices.
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Source: Fool.com
