Alcoa Breaks Earnings Report Tradition, Marks End of a Stock Market Era

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Kicking off this Friday is the fourth quarter earnings season that is anticipated to mark the end of a stock market era.

 This is because this Friday’s earnings reports will take off with three banking giants—JP Morgan & Co, Bank of America Corp, and Wells Fargo & Co—on the lead instead of the traditional start off by aluminum titan Alcoa Inc. that has long been starting the earnings season unofficially for years until now.

Alcoa’s sudden earnings calendar change is due to the split of the company into two separate entities—the new Alcoa Corp. housing its traditional metals business and the parent company now named Arconic Inc. that will house its aerospace vehicle and car parts made of alloys. The split took effect on November 1.

After China caused an aluminum supply glut that sent the alloy’s prices going down, Alcoa struggled to ease up, while its parent Arconic was expected to benefit from solid growth.

The split was the brain-baby of Arconic Chief Executive Klaus Kleinfeld who has been behind Alcoa’s successes since 2008.

Pittsburgh-based Alcoa has long been considered a market darling. It used to be a part of the Dow Jones Industrial Average index for 54 years before it had gone from the index in 2013. The alloy company was replaced by sports apparel maker Nike Inc.

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Arconic is scheduled to release fourth quarter earnings report on January 31. The company’s event calendar for the rest of the fiscal year showed it will report first-, second- and third-quarter earnings towards the end of the month of the quarter-end, meaning the company’s first reporter streak will now come to a close.

Alcoa on the other hand is scheduled to report on January 24 its fourth-quarter earnings on the market after-hours. The company website doesn’t have its 2017 event calendar posted.

Arconic was up 1.6% at Tuesday’s close, while Alcoa surged 5.1%.

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Author: exocapitalfinancepro

As the dissemination of online financial news gets easier through the evolution of different media platforms, Exo Capital Finance Pro brings the most comprehensive up-to-date financial information right in front of your eyes. In line with the mission of Exo Capital Market, this news blog aims to provide the financial ideas needed by the clients through the market news and analysis delivered regularly. Exo Capital Mission Grounded on financial stability and service efficiency, Exo Capital Markets Ltd. hopes to stimulate and drive innovation in the world by catering the needs of its clients. Committed to guiding its clients to achieve their maximum potentials, the company seeks to lead and bring growth into the market through the high quality services it provides. Exo Capital Vision Exo Capital Markets Ltd. strives to become the leading financial services firm by offering its clients with the most modern solutions in the industry. The company wants to create an avenue of knowledgeable and competent traders by assuring accountability and honesty in delivering the services we provide for the community.

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