Subscribe to RSS

Stock Futures Unchanged Following Alcoa (NYSE: AA) Earnings

Posted on 09. Jan, 2013 by in Business, Business Featured

Alcoa announced that it expected to do well in 2013 due to global demand increasing for aluminum.

Alcoa announced that it expected to do well in 2013 due to global demand increasing for aluminum.

January 09, 2012-  The stock futures on Wall Street Wednesday morning were little changed as earnings season kicked off with an upbeat report by Alcoa (NYSE: AA) along with a remark of caution on the debt ceiling from the CEO of the aluminum giant. Earnings season will not hit high gear until next week when big banks release their most recent quarterly reports. One bank, Wells Fargo, is scheduled to release its earnings on Friday.

On Tuesday, the major stock indexes in the U.S. slipped for the second consecutive session as investors waited patiently for the earnings season to start with Alcoa’s report. On Tuesday afternoon, Alcoa reported its earnings were in line with estimates of 6 cents per share on sales of over $5.9 billion, which was higher that estimates. In Wednesday’s premarket trading, Alcoa shares were up over 2%.

The company announced that it expected to do well in 2013 due to global demand increasing for aluminum. Klaus Kleinfeld the CEO of Alcoa said in an interview that the U.S. needed to resolve its issue of debt ceiling or market confidence will be destroyed.

A global strategist has said that the S&P 500 fourth quarter growth estimates have come down steadily since September. One reason is there are expectations that the tech sector might be hit by Apple. Expectations are that Apple might suffer a year-to-year drop in its quarterly earnings, which is highly rare for the tech giant.

Gold on Wednesday morning was up 80 cents for February delivery to $1,663 per ounce, while crude oil, also for February delivery, was down to $93.04 an 11-cent drop.

In London in midday trading, the FTSE 100 was up by 0.3%, while the German DAX was up just 0.2%. The Hang Seng in Hong Kong closed up 0.46% and Japan’s Nikkei Average was up 0.67%, as the yen fell due to the anticipation of additional stimulus from Japan’s Central Bank.

0 comments

Other articlesgo to homepage

Tesla to sell in Ohio after Deal

Tesla to sell in Ohio after Deal(0)

After suffering a great loss in New Jersey, Tesla managed to strike an agreement with Ohio as they it was allowed to sell its electric cars in the state. Tesla struck the deal after reaching an agreement with the Ohio Automobile Dealers Association which was negotiated on Tuesday. The deal has also been approved by

Nokia Microsoft Deal Delayed

Nokia Microsoft Deal Delayed(0)

Nokia said on Monday that it is not expecting to close its phone business to Microsoft until April as talks with the Asian regulators dragged on. This drew more speculation that it may have to make more concessions to get the deal done. Analysts belief that the delay meant Nokia, which had expected to close

Toyota Comes To $1 Billion Settlement over Unintended Acceleration

Toyota Comes To $1 Billion Settlement over Unintended Acceleration(0)

The United States Justice Department has reached a $1 billion settlement with Toyota Motor Corp. over the automaker’s handling of consumer complaints tied to unintended vehicle acceleration. The United States justice department is set to announce the agreement on Wednesday, according to CNN report. The source who knew the deal had told CNN that Toyota

China’s New Currency Policy Boosts Economy

China’s New Currency Policy Boosts Economy(0)

  On Monday the Chinese Yuan took one of its biggest hits in a decade, falling 0.5 percent per dollar on the first trade following the country’s announcement of policy change. The Yuan’s trading band was widened on Saturday by the people’s bank of china from 1 percent to 2 percent a day “They want

GM To Answer Why It Took So Long To Recall Faulty Cars

GM To Answer Why It Took So Long To Recall Faulty Cars(0)

General Motors Co. was sluggish in recalling its faulty cars. For instance it waited for up to two weeks to expand a major recall to include the Saturn Ion and other combat cars. They did this even when their engineers were aware of the four fatalities in crashes that the model was involved in, General

read more

Business

Tesla to sell in Ohio after Deal Tesla to sell in Ohio after Deal
Nokia Microsoft Deal Delayed Nokia Microsoft Deal Delayed
Toyota Comes To $1 Billion Settlement over Unintended Acceleration Toyota Comes To $1 Billion Settlement over Unintended Acceleration
China’s New Currency Policy Boosts Economy China’s New Currency Policy Boosts Economy
read more