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.
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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