Boston, MA 07/09/2013 (wallstreetpr) – Pre earnings coverage expectations for the second quarter financial results of Alcoa, Inc. (NYSE:AA) have been released by around eight firms, as Alcoa, Inc. (NYSE:AA) kicked off the official start of the Q2 for the year. Consensus estimates stood at $0.10 of earnings per basic and diluted share for the company, down from earnings per share of $0.11 for the previous quarter. The reduction in the estimates of the EPS for Alcoa, Inc. (NYSE:AA) was primarily attributed to declining aluminum prices in the markets.
Goldman Sachs Group, Inc. reduced earnings expectations of Alcoa Inc. (NYSE:AA) from the previous $0.13 to $0.05 per share and the expectations for the full year EPS are fixed at $0.35 per share from the previous ones of $0.42 per share. Aluminum prices have for long stayed at disappointing levels and the companies further expect downside movements in the prices in the near future.
Although the neutral rating assigned to Alcoa, Inc. (NYSE:AA) was maintained at the same level, analysts forecast further downside risk as there have been speculations from the news articles that the company may be removed from the Dow 30 Index. The second quarter conference call of the investors is expected to discuss an equity issue for the company with the purpose of boosting up Alcoa Inc.’s (NYSE:AA) balance sheet.
Shares of Alcoa Inc. (NYSE:AA) are making gradual surges in prices with intraday movements mostly near the level of the 52-week low prices. The company recently experienced huge trading volumes with an average level of 17.49 million shares per day. Alcoa, Inc. (NYSE:AA) currently has a market capitalization of $8.42 billion with around 1.07 billion shares outstanding in the market.
