Why Alcoa Stock Skyrocketed to 52-Week Highs Today
Alcoa (NYSE: AA) shares are on fire Friday, jumping as much as 14% as of 10:45 a.m. EDT and hitting 52-week highs of $55.89 a share. The aluminum stock stunned the market with its third-quarter numbers and announced some big shareholder rewards that sent the markets into a tizzy.
Given the recent developments in the aluminum industry, I have been upbeat about Alcoa's prospects for several weeks now and expected to see record quarterly numbers from the aluminum giant.
Alcoa didn't disappoint: It reported its highest-ever quarterly net income of $337 million for the third quarter, driven by 10% growth in revenue. Alcoa generated $3.1 billion in sales in the third quarter, thanks to higher alumina and aluminum prices. Alumina is used to produce aluminum, and Alcoa is the world's largest alumina producer.
Source Fool.com
