Alcoa shares dropping despite strong earnings report

By Staff Reporter: Subscribe to Staff's | January 11, 2011 7:49 PM GMT

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(Photo: REUTERS / Jason Cohn)<br>People leave the Alcoa Business Services Center in Pittsburgh
(Photo: REUTERS / Jason Cohn)
People leave the Alcoa Business Services Center in Pittsburgh

Shares of Alcoa (NYSE: AA) are down this morning, despite the company posting stellar fourth quarter results yesterday after the close, kicking off the fourth quarter earnings season.

As of 9:45 a.m. (EDT), Alcoa shares have slipped 2.24 percent.

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Investors are probably profit-taking given that shares have climbed 50 percent over the past six months.

The aluminum giant posted earnings of $0.24 per share, well above analysts’ expectations of $0.18 per.
Alcoa also said it expected a 12 percent increase in demand this year, with demand from the automotive industry jumping 11 percent.

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