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Alcoa, Inc.

6/19/2013, 11:49 AM ET

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Wednesday, June 5, 9:59 AM Ejection from the DJIA could be the next shoe to drop in Alcoa's (AA -1%) waning prestige after last week's cut to its credit rating, Bloomberg speculates. AA is now only the second junk-rated Dow member since at least 1980; while GM’s lead in the auto industry helped it stay in the Dow despite junk status until its bankruptcy in 2009, AA’s standing is more precarious due to the diminishing importance of aluminum to the U.S. economy. 4 Comments [Commodities]
Thursday, May 30, 6:26 PM Some analysts think the downgrade of Alcoa's (AA) bonds to junk status is already reflected in the stock price, and one notes AA previously had indicated it would not expect a significant rise in borrowing costs if it were to lose its investment-grade credit rating. RBC says shares will remain depressed until there's a sustained increase in aluminum prices, but notes AA has limited debt maturities over the next five years. 2 Comments [Commodities]
Wednesday, May 29, 4:23 PM Alcoa (AA) responds to Moody's downgrade, saying that it believes the cut to be more of a reflection of overall macroeconomic conditions and the volatility of metal prices, rather than a true statement of the financial and operating strength of AA. The company notes that its balance sheet and liquidity position are both strong, with limited near-term bond maturities. Shares -1% AH. 2 Comments [Commodities, On the Move]
Wednesday, May 29, 4:17 PM Moody's cuts Alcoa's (AA) senior unsecured debt ratings to Ba1 from Baa3, and assigns a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default Rating. At the same time, its withdraws the company's Prime-3 commercial paper rating and assigns a Speculative Grade Liquidity Rating of SGL-1. The agency cites continuing headwinds pressuring fundamentals in the aluminum industry and aluminum prices for the downgrade. 3 Comments [Commodities]
Monday, May 20, 5:49 PM Alcoa (AA) fills in more of the details on the 460K metric tons of smelting capacity it wants to remove, saying it will postpone construction of a potline at its Baie-Comeau smelter in Quebec and prepare for the upgrade by investing $100M during the next three years, as well as permanently shutting the plant’s two Soderberg potlines. AA says related charges will remove $0.11-$0.13 from EPS in 2013. 2 Comments [Commodities]
Thursday, May 16, 2:54 PM Aluminum demand is strong despite record-high inventories and will be further buoyed in coming years by increased usage in the automotive and aerospace industries, a top Alcoa (AA +0.6%) and other industry players tell CRU's World Aluminum congress. Alcoa says it is investing $575M in two new U.S. automotive sheet production facilities to meet North American demand that should quadruple by 2015. 4 Comments [Commodities]
Wednesday, May 15, 10:36 AM China has temporarily halted 1M metric tons/year of primary aluminum (JJC) capacity YTD and could cut another 300K tons capacity before year-end if metal prices remain low, but it won't solve the global glut, CRU consultants say. China is producing at a rate of 24M tons/year of aluminum; its share of global production will exceed 50% by the end of the decade, when it could reach 42M tons - "quite scary," CRU says. (earlier) Comment! [Commodities, Global & FX]
Tuesday, May 14, 7:49 AM The aluminum market (JJU) remains vastly oversupplied, even as the world’s top producer United Co. Rusal cuts Q1 output 4% to trim the global surplus that’s helped send prices 10% down YTD. A push by China to bolster aluminum production in Xinjiang province is adding to excess domestic stocks, Rusal notes. Also, LME-approved warehouses globally are piled high with 5M-plus tons of the metal. 2 Comments [Commodities, Global & FX]
Monday, May 6, 5:00 AM President Obama has signaled his support for increasing the U.S.'s exports of natural gas, saying that the country will probably be a net seller of LNG by 2020. The Department of Energy is assessing applications for 20 projects to export gas to nations with which the U.S. doesn't have a free trade agreement. Companies that could benefit include Dominion Resources (D), Cheniere Energy (LNG), Oiltanking Partners (OILT), Williams Cos. (WMB), Boardwalk Pipeline Partners (BWP) and Sempra Energy (SRE). Dow Chemical (DOW) and Alcoa (AA) are among those to oppose increased LNG exports, as it could raise their costs. 8 Comments [Energy, Top Stories]
Friday, May 3, 9:34 AM Alcoa Inc. (AA) declares $0.03/share quarterly dividend, in line with previous. Forward yield 1.42%. For shareholders of record May 13. Payable May 27. Ex-div date May 09. (PR) 3 Comments [Dividends]
Thursday, May 2, 10:57 AM With automakers on pace to sell the most cars and light trucks in the U.S. this year since 2007, Alcoa (AA -0.4%) says it plans to spend $275M in the next three years to expand its Alcoa, Tenn. plant to boost capacity to produce aluminum sheet for the automotive industry. AA's previously announced $300M expansion of its Davenport, Iowa plant is set to be completed by the end of this year. 1 Comment [Commodities]
Wednesday, May 1, 11:22 AM Alcoa (AA -1.8%) plans to review 460K metric tons of capacity over the next 15 months for potential curtailment, ~11% of global capacity, in a bid to compete in a market where aluminum prices have plunged more than 33% since peaking in 2011. Alcoa already has 13% of its smelting capacity idle; just weeks ago, it reported solid demand in its auto and aerospace end markets. 3 Comments [Commodities, On the Move]
Friday, April 26, 2:00 PM S&P revises its outlook for Alcoa (AA -0.5%) to Negative from Stable and affirms the company's corporate credit rating at BBB-. Comment! [Commodities]
Tuesday, April 16, 12:34 PM Alcoa (AA +1%) expects to more than triple its sales of aluminum sheet to automakers by 2015 as they reduce car weight by substituting it for steel in car bodies, a top exec says: The market is moving from expensive, luxury vehicles into the mass market vehicles, as manufacturers are being forced to cut weights of cars to meet tough emission standards. 1 Comment [Commodities]
Tuesday, April 9, 10:19 AM Several big miners are advancing after Alcoa (AA) last night said global end market demand growth was solid and it continues to expect global aluminum demand to rise 7% in 2013. In early trading, RIO +3.3%, BHP +2.2%, VALE +2.6%, FCX +2.1%, CLF +4.4%. 4 Comments [Commodities, On the Move]
Tuesday, April 9, 10:07 AM Nomura cuts its estimates and share price target to $8 from $9 on Alcoa (AA -0.8%) following Q1 results, citing escalating concerns about free cash flow due to aluminum price declines and a potential debt downgrade. The firm cuts 2013 EPS estimates to $0.30 from $0.40 and FY 2014 to $0.65 from $0.80. Comment! [Commodities, Earnings]

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