Archives of “January 2020” month

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Alcoa reports Q4 revenues at $2.44B vs $2.47B estimate

  
  Analysis
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Alcoa earnings

  • Revenues estimates ranged from $2.45B to $2.52B
  • EBITDA $346M vs $334.3m expected
  • Loss per share of 33-cents vs 21-cent estimate (31-cents ex-items)
  • Alcoa sees 2020 global aluminum demand +1.4-2.4%
  • Final 2019 aluminum demand -0.4% to -0.2% vs -0.4 to -0.6% AA estimate
  • Expects 2020 global aluminum surplus between 600K to 1m metric tons
  • Full year 2019 net loss of $1.125 billion or $6.07 per share
  • Full year adjusted loss of $184m
In October, the CEO said he expected a big rebound in aluminum demand this year. At the time he said the global economy “will come roaring back once this uncertainty is behind us.” I wouldn’t say 1.4-2.4% will cut it. At some point global growth will have to pickup or there will be more plant closures and factory layoffs.
Shares are down to $19.73 from $20.18 in the after-market.

Dow record close today. Closes above the 29,000 level.

  
Analysis, US Market
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S&P index and NASDAQ eked out a small gains but off highs

The down industrial average closed above the 29,000 level for the 1st time and close at a record high level. The S&P index also closed at a record level with a modest 6.21 point gain.
The final numbers are showing:
  • S&P index +6.21 points or 0.19% at 3289.36. The high price reached 3298.66. The low extended to 3280.69
  • NASDAQ index closed up 7.366 points or 0.08% at 9258.69. The hi reached 9298.824. The low extended to 9231.137
  • The Dow closed at 29030.83. That was up 91.16 points or 0.31%. The high reached 29127.59. The low extended to 28897.35.

European shares end mostly lower. FTSE 100 does rise though

  
Analysis, Global Indices
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UK FTSE 100, +0.23%

The major European indices are ending the session mostly lower. The the exception is the UK’s FTSE 100 which has moved up by 0.23% on the day.
The provisional closes are showing:
  • German DAX, -0.28%
  • France’s CAC, -0.2%
  • UK’s FTSE 100, +0.23%
  • Spain’s Ibex, -0.24%
  • Italy’s FTSE MIB, -0.69%
In the European debt market, the benchmark 10 year yields are mostly lower (with the exception of the Portuguese 10 year note):
The European yields are lowerIn other markets as London/European traders look to exit for the day (and just ahead of the ceremonial signing of the US/China phase 1 trade deal):

  • Spot gold is up $4.25 or 0.28% at $1550.63
  • WTI crude oil futures are trading down $0.51 or -0.86% at $57.74
In the US stock market the major indices are higher and trading at record levels:
  • S&P index up 14.9 points or 0.46% at 3298.13 (high for the day). It is getting closer to the 3300 level
  • NASDAQ index is up 42.84 points or 0.46% at 9294.17. The high reached 9298.82 just short of the 9300 level
  • The Dow is up 168 points or 0.58% at 29108.24
In the US debt market, the yields are lower and the yield curve flatter again with the 2 – 10 year spread down to 22.44 basis points from 24.09 basis points at the close yesterday.
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