Alcoa´s (NYSE:AA) last earnings report wasn't´t so bad to get last brutal´s market punish of nearly (15%) from it´s peak.
Alcoa´s free cash flow was positive in their operations, but energy costs trim it´s earnings to 1 cent.
Aluminum has a bright future in building new energy efficient cars, buildings, aerospace, ships, and Alcoa will improve it´s earnings with an improving North-American economy.
So..In my humble opinion, Alcoa is a clear "buy the dip" with a nice discount, recent market´s price action will give new investors an opportunity to buy a nice oversold company.
Disclosure: Heavy long in AA