Adami: Little Reason to Watch Alcoa
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There's really only one reason to get bullish on Alcoa, StockMonster's Guy Adami said Tuesday.
"If you go back four years, Alcoa's effectively been a dead stock, anywhere between $8 and $11 over the last four years, meandering here around $9, and I don't see any reason to think that's going to change," he said on "Fast Money."
After the closing bell, Alcoa kicked off earnings season by reporting that it had met its targets, and the company also raised its outlook for 2013.
"I understand why it's important, because it's the first, but to be honest with you, that's the only reason why it's important," he added.
Adami also said that Wall Street watchers could find reason to get bullish.
(Read More: Alcoa Hits Its Earnings Target, Raises Its Outlook)
"The only reason I'd be bullish Alcoa at any cost is because I think 65 percent of analysts on the Street are either 'hold' or 'negative' on the name, which leads me to believe maybe there's some upside," he added.
Karen Finerman of Metropolitan Capital Advisors cautioned against using Alcoa as a foreshadowing of earnings season, noting that its ticker symbol – AA – was first alphabetically.
"Other than that, I don't see it really is a read-through to much," she said.
Trader disclosure: On Jan. 8, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Karen Finerman is long AAPL CALL SPREADS; Karen Finerman is long AAPL PUT SPREADS; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long WLP; Karen Finerman is short SPY; JJ Kinahan is long AAPL; JJ Kinahan is long BAC; JJ Kinahan is long C; JJ Kinahan is long GS; JJ Kinahan is long WFC OPTIONS; JJ Kinahan is long CSCO; JJ Kinahan is long SBUX OPTIONS; JJ Kinahan is long FB; JJ Kinahan is long MSFT; JJ Kinahan is long YUM; JJ Kinahan is long SPY OPTIONS; Keith McCullough is long GDX; Keith McCullough is long GLD; Keith McCullough is long SBUX;
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An affiliate of BB&T Capital Markets received compensation from The Boeing Company for products or services other than investment banking services during the past 12 months. The analyst or employees of BB&T Capital Markets with the ability to influence the substance of this report know or have reason to know the foregoing facts.
BB&T Capital Markets makes a market in the securities of The Boeing Company.
BB&T Capital Markets expects to receive or intends to seek compensation for investment banking services from The Boeing Company in the next three months.
