Why Alcoa Stock Fell as Much as 11% Today
Shares of aluminum producer Alcoa (NYSE: AA) headed lower in Thursday morning trading, and were down by 11% as of 11:48 a.m. EST. That might come as something of a surprise, given the company's fourth-quarter results. But there was more to its latest earnings report than meets the eye.
The interesting thing about Alcoa's fourth-quarter 2020 financial results was that the company handily beat analysts' expectations. It posted earnings per share of $0.26 versus Wall Street's call for $0.11, which is a huge difference. Equally important, it was a notable rebound from the company's third-quarter adjusted loss of $1.17 per share. All in, it appears that Alcoa's business has started to recover from the pandemic-driven slump it fell into earlier in 2020.
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Source Fool.com
