Alcoa Earnings Top Views; Buyback, New Dividend Fuel Stock
Alcoa (AA) posted third-quarter earnings after Thursday’s close that beat Wall Street estimates, while announcing a new dividend and stock buyback. High aluminum prices, helped by Chinese smelting curbs, have transformed the company, which has put debt and pension problems behind it and is getting attention as an ESG play. Following Alcoa’s earnings report, AA stock jumped in after-hours trade.
Wall Street has been eager to hear how Alcoa will use its newfound financial strength…