Alcoa's Shares Bounce Back (AA)
Alcoa Inc. (NYSE:AA) in the last 14 trading sessions have rallied 16.5%, from near $11 a share to today's current price of $13 even.
Aloca shares have staged a minor comeback thanks to the company reporting better than expected earnings and revenues last week as well as increasing its outlook for aluminum.
Alcoa received an upgrade from J.P. Morgan after the earnings report and that has helped its stock add 6.3% since last Friday.
Alcoa said it sees the market for aluminum strengthening, specifically the aerospace business.
"We are mutedly optimistic," Chairman and Chief Executive Officer Klaus Kleinfeld told analysts on a conference call yesterday. "We see good pockets of growth in some major regions and some specific end markets."
Alcoa raised its forecast for 2010 aluminum outlook to 13% from 12%. It appears the worst may be over for the company and the 12 month chart on Alcoa reinforces that viewpoint.