|Over a week ago|
Alcoa to begin formal process for dismissal of employees at San Ciprian, Spain » 06:0306/1706/17/20
Alcoa to Begin Formal…
Alcoa to Begin Formal Consultation Process With Spanish Works Council Regarding San Ciprian Aluminum Smelter Alcoa plans to begin, on June 25, a formal process for the collective dismissal of employees at its San Ciprian aluminum facility in Spain. On May 28, Alcoa launched an informal process with the workers' representatives to discuss significant and unsustainable circumstances at the aluminum plant. The company now intends to begin the formal 30-day consultation period with the Works Council. The company envisions a restructuring for the aluminum plant that retains a portion of the casthouse in operation. A collective dismissal could potentially affect up to 534 employees of the aluminum plant. No final decisions will be made until the mandatory, formal consultation process is complete. The aluminum smelter has incurred recurring financial losses, which are expected to continue. The San Ciprian alumina refinery is not affected by this formal consultation process.
Fly Intel: Top five analyst downgrades » 10:0106/1606/16/20
AA, AYI, NVDA, INTC, TTM, APD, LIN
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Alcoa (AA) downgraded to Hold from Buy at Deutsche Bank with analyst Chris Terry saying he sees "limited" free cash flow for the company and notes the aluminum market remains oversupplied. 2. Acuity Brands (AYI) downgraded to Sell from Neutral at Goldman Sachs with analyst Brian Lee saying he believes Acuity is "likely to undergo a significant negative estimate revisions cycle" starting with Q3 earnings and persisting into FY21. 3. Nvidia (NVDA) and Intel (INTC) were downgraded to Equal Weight from Overweight at Morgan Stanley. 4. Tata Motors (TTM) downgraded to Underweight from Neutral at JPMorgan. 5. Air Products (APD) and Linde plc (LIN) were downgraded to Hold from Buy at HSBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Alcoa downgraded to Hold with $10 price target at Deutsche Bank » 05:5706/1606/16/20
Deutsche Bank analyst…
Deutsche Bank analyst Chris Terry last night downgraded Alcoa to Hold from Buy with an unchanged price target of $10. The analyst sees "limited" free cash flow for the company and notes the aluminum market remains oversupplied. Terry's revised Q1 EBITDA estimate for Alcoa is 17% below consensus expectations.
Alcoa downgraded to Hold from Buy at Deutsche Bank » 20:3306/1506/15/20
Deutsche Bank analyst…
Deutsche Bank analyst Chris Terry downgraded Alcoa to Hold from Buy with a $10 price target.
Alcoa call volume above normal and directionally bullish » 15:4506/1106/11/20
Bullish option flow…
Bullish option flow detected in Alcoa with 8,417 calls trading, 1.1x expected, and implied vol increasing over 8 points to 81.76%. Jun-20 10.5 calls and Jun-20 10 calls are the most active options, with total volume in those strikes near 2,500 contracts. The Put/Call Ratio is 0.66. Earnings are expected on July 22nd.
Alcoa still targeting same timeline, proceeds for asset sales 11:5106/0806/08/20
Alcoa: "Clearly, the world is producing more aluminum than it needs' 11:3406/0806/08/20
Alcoa beginning to see improements in July orders as businesses reopen » 11:3206/0806/08/20
In Q2, sees possible…
In Q2, sees possible partial reversal of foreign exchange benefits seen in Q1. Sees Q2 operational tax rate to be approximately 40%. Comments taken from the Deutsche Bank Global Industrial and Materials Conference.
|Over a month ago|
Alcoa call volume above normal and directionally bullish » 12:2505/2805/28/20
Bullish option flow…
Bullish option flow detected in Alcoa with 5,567 calls trading, 1.9x expected, and implied vol increasing over 1 point to 72.82%. Oct-20 15 puts and Jun-20 12 calls are the most active options, with total volume in those strikes near 1,500 contracts. The Put/Call Ratio is 0.47. Earnings are expected on July 22nd.
Early notable gainers among liquid option names on May 28th » 09:5505/2805/28/20
AA, ALXN, DLTR, EQT, AEP
Notable gainers among…
Notable gainers among liquid option names this morning include Dollar Tree (DLTR) $97.53 +10.00, Alexion (ALXN) $114.40 +8.26, Alcoa (AA) $10.23 +0.47, EQT Corporation (EQT) $14.75 +0.58, and American Electric (AEP) $84.34 +2.90.