Alcoa surprises, CEO hopeful

Falling demand and dropping aluminum prices drove Dow component Alcoa (AA) to report a 47-cent a share loss, or $454 million, versus 66 cents from last year or earnings of $546 million.

From WSJ: Chief Executive Klaus Kleinfeld said Tuesday he is seeing signs of a recovery or bottoming out in some sectors, including aluminum, as the U.S. automobile market reawakens and China’s growth picks up.

The loss from continuing operations was 26 cents a share, excluding a restructuring charge, beating analyst expectations by 12 cents. The comparable loss was 59 cents in the first quarter.

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