SmarTrend(R) News Watch: Alcoa Shares Fall on FBR Downgrade
Mon. June 29, 2009; Posted: 12:40 PM
Jun 29, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- Shares of Alcoa Inc (NYSE:AA) fell more than 3% during Monday trading after the company was downgraded to Underperform from Market Perform. Analyst Luther Lu of FBR Capital Markets cited a high share price and an oversupply in the aluminum market met with insufficient demand. Lu said, "We believe Alcoa is a great company operating in a structurally oversupplied industry, and all else being equal, we could revisit our rating when the valuation becomes more attractive."
Write to Chip Brian at cbrian@tradethetrend.com
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For full details on Alcoa Inc (AA)
click here. Alcoa Inc (AA) has Short Term PowerRatings of 5. Details on Alcoa Inc (AA) Short Term PowerRatings is available at
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