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ALCOA PROFIT BEATS ESTIMATES, STOCK SPIKES -

23-Apr
19:56 IST

Alcoa’s stock is currently trading at 7.82-higher by 3.51% as compared to the previous closing price.

The company reported its first-quarter earnings after the market close on Wednesday. Alcoa generated an EPS (adjusted for one-time items) of 23 cents for the first quarter. The EPS was above the market expectation of loss per share of 24 cents. The company brought in $2.38 billion in revenue for the first quarter. The revenue was also above the consensus estimates of $2.37 billion.

The aluminum producer said it ended Q1 with $829 million in cash and debt of $1.8 billion. The company also said it has halted its global quarterly supply-and-demand projections on the aluminum and bauxite markets due to the virus pandemic. Stocks of Alcoa have fallen about 63% Year-to-date.

On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 50.01% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT BUY AT 7.80 TAKE PROFIT AT 8.10 STOP LOSS AT 7.65

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