Alcoa (AA) kicks off second quarter earnings season on July 9, but some pessimism today about those earnings is hurting the stock.
Stifel Nicolaus analyst Paul Massoud thinks that low aluminum prices could weigh on Alcoa’s second quarter results. He slashed his expectations for Alcoa’s average realized aluminum price to $2,250 from $2,400.
“Over the course of the 2Q12 reference period, LME aluminum prices declined 12.8% and averaged $2,035/tonne.”
Massoud lowered his second quarter EPS estimate to 3 cents from 11 cents. The average Street estimate is 9 cents.
Alcoa shares are down 2.3%. In the past year, they’ve fallen 45%.
No comments:
Post a Comment