April 17, 2012 |
Goldman Sachs had a miserable first quarter - but mainly when it comes to public relations. The firm managed to beat analysts' expectations with better-than-anticipated profit, joining a pageant of generally strong earnings reports that buoyed the stock market. The Goldman Sachs Group Inc. earned $2.1 billion, or $3.92 a share, a 23% slump from its $2.7 billion, or $4.38 per share earnings during the same quarter a year earlier, excluding a one-time cost. But the bank's performance was still better than analysts' projections of less than $3.60 a share.
April 10, 2012 |
The Wall Street doomsday prophets may want to revisit their crystal balls: Metals producer Alcoa Inc. launched the first quarter earnings parade -- which many analysts had worried would be a dud -- with a profit. The aluminum company had posted a loss in its fourth quarter, but income from continuing operations rose $287 million to $94 million, or 9 cents a share, in the first quarter due to “strong productivity growth and improved market conditions.” Year over year, however, profit plunged from the $309 million, or 27 cents a share, from the first quarter of 2011.
April 9, 2012 |
When Paul O'Neill took over the floundering Aluminum Co. of America in October 1987, he shocked attendees at an introductory news conference by proclaiming that his focus would not be on expanding sales or improving profitability. Rather, he said, his emphasis would be on improving employee safety. Investors at the conference thought he was crazy and rushed from the room to tell their clients to sell Alcoa stock immediately. "It was literally the worst piece of advice I gave in my entire career," one later said.
January 9, 2012 |
Alcoa Inc. reported its first quarterly loss in more than two years after prices tumbled for aluminum. Its fourth-quarter net loss was $191 million, or 18 cents a share, compared with net income of $258 million, or 24 cents, a year earlier, the New York company said Monday. The loss excluding restructuring costs was 3 cents a share, matching the average projection in a Bloomberg survey. Sales rose 6% to $5.99 billion. The adjusted loss is Alcoa's first since the second quarter of 2009, when the company dealt with a slump in aluminum prices that followed the global financial crisis.
July 12, 2011 |
Wall Street is betting on another quarter of stellar corporate earnings growth to bolster stock prices, even as Europe's worsening debt nightmare threatens the global financial system. U.S. stocks have fallen for the last two trading sessions as Europe's crisis has deepened, but the damage has been limited — while markets across the Atlantic have crumbled. Many big investors say they are reluctant to sell U.S. shares because they believe the economy will accelerate in the second half of this year.
June 29, 2011 |
With little he can do to jolt an economy stuck in neutral, President Obama urged people to be patient and to resist the temptation to "turn cynical" in the face of the bleakest job market in decades. Obama appeared at an Alcoa plant in eastern Iowa on Tuesday to draw attention to a manufacturing revival that is adding precious private-sector jobs. He punctuated his brief visit with references to his victory in the 2008 Iowa caucuses, a result that established him as a contender for president.