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AA

Alcoa

$47.53

0.59 (1.26%)

07:54
10/13/17
10/13
07:54
10/13/17
07:54

Alcoa to record $250M charge in Q4 related to early termination agreement

Alcoa Corporation announced that the company and power provider Luminant Generation Company have terminated the electricity contract tied to Alcoa's Rockdale Operations in Texas. The smelter at Rockdale has been fully curtailed since the end of 2008. The termination of the contract, which had been set to expire no later than 2038, was effective as of October 1. While the company sold surplus electricity since the smelter's curtailment, Alcoa's cost of power under the contract exceeded the related revenue. The company expects an annual improvement to net income and adjusted EBITDA of $60M to $70M as a result of the contract termination, beginning in Q4. In accordance with the early termination agreement, Alcoa made a lump sum payment of $237.5M on October 10 and transferred approximately 2,200 acres of related land and other assets to Luminant. The company will record a charge of approximately $250M in Q4 associated with the transaction. In addition to the power contract, Alcoa and Luminant terminated other related fuel and lease agreements effective as of the same October 1 date. As a result of the early termination, Alcoa has initiated a strategic review of the remaining buildings and equipment associated with the smelter, casthouse and the aluminum powder plant. A decision on those assets is expected by the end of 2017. Separately, the company continues to own more than 30,000 acres of land at the Rockdale site.

  • 18

    Oct

AA Alcoa
$47.53

0.59 (1.26%)

10/04/17
BOFA
10/04/17
NO CHANGE
Target $56
BOFA
Buy
Alcoa price target raised to $56 from $50 at BofA/Merrill
BofA/Merrill analyst Timna Tanners raised Buy rated Alcoa's price target to $56 from $50 saying Chinese aluminum and alumina capacity closures will continue to support high prices.
10/04/17
10/04/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AutoNation (AN) downgraded to Neutral from Buy at Northcoast with analyst John Healy citing the recent strength in shares. 2. Winnebago (WGO) downgraded to Hold from Buy at Stifel with analyst Michael Baudendistel saying he believes new products and efficiency improvements will help drive near-term growth better than industry average, but he also thinks such expectations are more than fully priced into the stock. 3. Advance Auto Parts (AAP) downgraded to Market Perform at Raymond James with analyst Dan Wewer citing growing business risks facing the profit recovery story. 4. Cedar Fair (FUN) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Christopher Prykull saying he sees less upside to consensus estimate with rainy weather hurting amusement park results from Memorial Day to Labor Day. 5. Alcoa (AA) downgraded to Hold from Buy at Gabelli with the firm saying the cycle may be "long in the tooth," valuation is less compelling, and a Rio Tinto (RIO) merger is less likely until prices normalize. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/17
MACQ
10/10/17
NO CHANGE
Target $62
MACQ
Outperform
Alcoa price target raised to $62 from $55 at Macquarie
Macquarie analyst David Lipschitz raised his aluminum forecast once again by 4-8% over the next few years to reflect the more upbeat atmosphere. As a result, the analyst raised Alcoa's price target to $62 from $55 and reiterated an Outperform rating.
10/11/17
COWN
10/11/17
NO CHANGE
Target $51
COWN
Market Perform
Alcoa best positioned in space given earnings leverage, says Cowen
Cowen analyst Novid Rassouli expects aluminum producers' earnings to improve sequentially in Q3 driven by higher aluminum prices. He also said he sees limited downside risk in Q4 for prices but is cautious on upstream producer margins given rising raw material costs. Rassouli said Alcoa is best positioned given its earnings leverage to the aluminum price momentum and its partially hedged cost structure. Rassouli maintained his Market Perform rating and $51 price target on Alcoa shares.

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ALIM

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SYMC

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TSLA

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GE

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$23.83

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MKL

Markel

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