Alcoa Earnings Boost Market
The market experienced a welcome uptick this morning after finishing down the last three days in a row.
Alcoa (NYSE: AA) can be thanked for at least some of the boost. The aluminum producer kicked off earnings season yesterday with better-than-expected results.
Sales for the second quarter were down. But demand from the auto and aerospace industries kept revenue from falling as low as analysts previously predicted. That’s even more impressive considering that aluminum prices have hit two-year lows.
Alcoa isn’t the only company that should be celebrating, though. Shares of health insurer, Amerigroup (NYSE: AGP), shot up 38% this week after it agreed to be bought by WellPoint (NYSE: WLP). And Boeing (NYSE: BA) just landed a $7.2 billion sale at an aerospace show in England.