That’s what I’ve read elsewhere but I don’t know if I’d claim that. Today after the close Alcoa did report earnings.
Alcoa, usually the first Dow industrials component to report quarterly results, reported that it had a second-quarter operating profit of $61 million, or 6 cents per share, excluding a $45 million charge as part of its effort to settle a lawsuit with Aluminium Bahrain, plus other items. On that basis, it beat Wall Street estimates of 5 cents per share, which were lowered in recent weeks as aluminum prices dropped. I also saw estimates of 6 cents too.
On a net basis, Alcoa lost $2 million, or nil cents per share. Compare that with a net profit of $322 million, or 28 cents per share, in the same quarter last year.
Revenue fell 9 percent to $6 billion, as aluminum prices dropped 18 percent from last year. But that also exceeded analyst expectations of $5.8 billion. So maybe you can say they beat, tomorrow will tell what the market thinks.
Today the Dow closed down -36.18 (-0.28%) to close at 12,736.29.
There were 15 of the Dow 30 stocks up today led by MRK,VZ, WMT, PFE and BA.
Losers were led by DD, CAT, XOM, BAC and IBM.
Today, the yield on the 10-year Spanish bond rose above 7% again. A level that Spain’s prime minister has previously called unsustainable.
China’s consumer price index rose at a modest 2.2% annual rate in June, another signal of a global slowdown.
The Federal Reserve released May’s consumer credit, which expanded more than economists predicted. Credit expanded by $17.5 billion in May compared to forecasts of $9.5 billion and after growing by a revised $9.5 billion in April.
The dollar was down against the euro, British pound and Japanese yen.
Oil for August delivery was up $1.54 to $85.99 a barrel.
Gold futures for August delivery added $10.20 to $1,589.10 an ounce.
The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.53% from 1.54% late Friday.
Tomorrow before the open, notable stocks expected to report earnings include HELE, HITK, LEDS, SHAW and WWW.
New highs were recorded today by Dow components Merck (MRK) and Wal-Mart (WMT).