What a day for the aluminum products manufacturer! The Pittsburgh-based company tumbled on Thursday, October 19, during premarket trading after publishing an unexpected loss for the third quarter.
Alcoa lost almost 8% in the premarket, but things changed after the NYSE opening. The company opened at $35.92 (after closing at $37.64 the day before), quickly went up, passed the $40 resistance, and hit $41.29.
Aluminum is the future metal, and Alcoa is a top ten producer. However, the company lost $746 ($4.17 per share) in Q3 and may be in deep trouble. The management plans to restructure pensions to balance the sheets.
