Aggregated price index with volume information
Summary:
- Aluminum stocks up 0.6% on average while median return up 0.7% in a day
- Aluminum stocks up 0.7% on average while median return up 1.2% in a week
- Aluminum stocks up 10.0% on average while median return up 8.9% 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 $CENX 25.7%, $AA 13.8%
- 1M losers are : Losers for past month are $HWM -4.2%
- 1W winners are : Winners for past week are $HWM 2.0%, $AA 1.3%
- 1W losers are : Losers for past week are $KALU -1.9%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 28.1%, for the past 3 months is 18.9%
In the past month for a 5 days rolling window, the highest corrrelation is 55.2%, the lowest correlation is -5.9%, the latest correlation is -5.9%
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 82.7% between AA and CENX
The lowest correlation is -15.7% between ARNC and HWM
Does Kaiser Aluminum (KALU) have what it takes to be a top stock pick for momentum investors? Let's find out.
An upgrade doesn’t have to be a Buy recommendation for a stock to move. Shares of Alcoa rose on Monday after Morgan Stanley analyst Carlos De Alba changed his rating on the stock to Hold from Sell. “We now see a more balanced risk-reward for Alcoa given the continued progress on cost-saving measures, reduced uncertainty on the path to resolving bauxite mining issues in Western Australia, and potentially more [Inflation Reduction Act] benefits to come,” wrote De Alba in a Monday report.
GigaCloud Technology, Murphy USA, HCI Group, Kaiser Aluminum and BrightSphere Investment are part of the Zacks Screen of the Week article.
Kaiser (KALU) could be a great choice for investors looking to buy stocks that have gained strong momentum recently but are still trading at reasonable prices. It is one of the several stocks that made it through our 'Fast-Paced Momentum at a Bargain' screen.
Steel stocks have been in focus this week as President Joe Biden has shifted focus to the industry. On April 17, the White House announced plans to enact further tariffs on Chinese-imported steel. In a move intended to safeguard domestic steel and shipbuilding interests from Chinese competitors, Biden is planning to triple the tariffs levied against steel and aluminum imported from China. He recently traveled to Pittsburgh and spoke at the United Steelworkers headquarters, laying out his plans f
Alcoa Corporation (NYSE:AA) Q1 2024 Earnings Call Transcript April 17, 2024 Alcoa Corporation misses on earnings expectations. Reported EPS is $-0.81 EPS, expectations were $-0.62. AA isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good afternoon, and welcome to the […]
Alcoa ( NYSE:AA ) First Quarter 2024 Results Key Financial Results Revenue: US$2.60b (down 2.7% from 1Q 2023). Net...
Alcoa says last week’s decision by the U.S. and U.K. to ban imports of Russian aluminum will help alleviate unwanted Russian aluminum from distorting the global market price for the metal. “We’ve been supporting this type of action and really advocating for it for a couple of years now,” Chief Executive William Oplinger said late Wednesday during a conference call with analysts. Since the start of Russia’s war against Ukraine in 2022, many aluminum buyers in the West have voluntarily avoided a...
Kaiser Aluminum (KALU) Q1 results are likely to reflect strong aerospace demand, offset by low demand for general engineering plate products, destocking in coated food products and inflated costs.
↘️ **Taiwan Semiconductor Manufacturing (TSMC)**: TSMC reported its first profit rise in a year. However, the chip maker's American depositary receipts fell more than 3% after it cut its forecast for the overall semiconductor market, excluding the memory sector.