Aggregated price index with volume information
Summary:
- Aluminum stocks up 0.8% on average while median return up 1.0% in a day
- Aluminum stocks down 4.7% on average while median return down 4.3% in a week
- Aluminum stocks down 6.7% on average while median return down 8.4% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $HWM 4.7%
- 1M losers are : Losers for past month are $KALU -11.0%, $AA -15.2%
- 1W winners are : Winners for past week are $HWM 6.0%
- 1W losers are : Losers for past week are $CENX -4.3%, $KALU -16.3%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 11.4%, for the past 3 months is 21.5%
In the past month for a 5 days rolling window, the highest corrrelation is 63.4%, the lowest correlation is -18.2%, the latest correlation is 26.8%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 80.4% between AA and CENX
The lowest correlation is -28.4% between AA and ARNC
It's been a mediocre week for Alcoa Corporation ( NYSE:AA ) shareholders, with the stock dropping 10% to US$34.92 in...
The heavy selling pressure might have exhausted for Alcoa (AA) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.
Stocks like Alcoa Corporation (AA), Apogee Enterprises, Inc. (APOG), Brady Corporation (BRC) and Cintas Corporation (CTAS) are likely to gain from the steady growth in manufacturing output.
Considering their reasonable valuations, the growth Alcoa (AA) and Discover Financial Services (DFS) experienced during Q2 is very compelling and suggests there should be more short-term upside for both stocks
Q2 2024 Alcoa Corp Earnings Call
The company announced second-quarter adjusted Ebitda of $325 million and earnings per share of 16 cents, from $2.9 billion in sales.
While the top- and bottom-line numbers for Alcoa (AA) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Alcoa (AA) delivered earnings and revenue surprises of 45.45% and 1.92%, respectively, for the quarter ended June 2024. Do the numbers hold clues to what lies ahead for the stock?
PITTSBURGH, July 17, 2024--Alcoa Corporation (NYSE: AA) today reported results for the second quarter 2024 consistent with the Company’s previously announced preliminary results that reflect sequential increases in revenue, net income, adjusted net income and Adjusted EBITDA excluding special items on higher alumina and aluminum prices, along with continued progress on profitability improvement programs.
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