Earnings season began today, with a whimper.
Alcoa (AA) shares fell 4.3% in after-market trading as the company said its growth rate should slow in the second half of the year as fears of a global slowdown persist.
Alcoa posted 15 cents of EPS, versus analysts expectations for 22 cents. The company’s $6.42 billion in revenue was in line with expectations.
�Aluminum prices fell in the third quarter, but most markets continued to grow,� said Alcoa Chairman and CEO Klaus Kleinfeld. �With the exception of Europe, we saw growth in our end markets, though at a slower rate than in the first half, as confidence in the global recovery faded.”
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