September 10, 2013 |
NEW YORK - The stock market's all-star team has some new players. Leaving the Dow Jones industrial average is aluminum giant Alcoa Inc., computer-maker Hewlett-Packard Co. and financial behemoth Bank of America Corp. Joining the index of 30 blue-chip companies are investment bank Goldman Sachs Group Inc., payments company Visa Inc. and apparel giant Nike. The big switch happens Sept. 23. "Symbolically it's a big deal," said Jeffrey Hirsch, editor in chief of the Stock & Commodity Trader's Almanacs.
October 11, 2012 |
The specter of anemic corporate earnings has put a temporary halt to the stock market's summer winning streak. The Dow Jones industrial average fell for a third consecutive day Wednesday as investors faced the prospect that quarterly profits may decline for the first time since 2009. The Dow slipped nearly 129 points, its second straight triple-digit setback, after Alcoa Inc. warned that weakened growth in China has cut into demand for aluminum. That renewed concerns that economic troubles in Asia and Europe could slice into profits of U.S. companies this year and next.
July 10, 2012
Bloomberg News U.S. stocks advanced, snapping a three-day decline in the Standard & Poor's 500 Index, as European officials took steps to protect Spanish banks. Bank of America Corp. and Citigroup Inc. increased at least 1.1% as Spanish bond yields fell. Alcoa Inc., the largest U.S. aluminum producer, lost 1.7% after reporting second- quarter results. Applied Materials Inc. tumbled 2.5% after cutting its forecasts. Advanced Micro Devices Inc., the second-biggest maker of processors for personal computers, slumped 6.2% after reporting an unexpected decline in sales.
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.