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Alcoa reports earnings on Wednesday after the bell. How should you game this stock as well as other names reporting this week.
Alcoa Overview
The global economic slowdown took a sizable toll on the aluminum industry late last year as demand evaporated for the lightweight metal. That sent aluminum prices sharply lower and forced producers of the metal to slash production.
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But aluminum prices — a key indicator of the industry's health — generally have edged up in recent months and Alcoa has boosted its annual forecast for global aluminum consumption, citing stronger demand from China.
In July, Alcoa reported its third consecutive quarterly loss, but said some markets for the metal may be stabilizing. The results beat Wall Street expectations, an outcome company executives attributed to Alcoa's efforts to slash costs and raise cash.
By The Numbers
Analysts expect Alcoa to post a third-quarter loss of 11 cents per share on revenue of $4.5 billion, according to a poll by Thomson Reuters. In the year-earlier period, Alcoa earned 33 cents per share on revenue of $7.23 billion.
The Trade
I like this stock for the long-term, says Tim Seymour. Although there is a supply imbalance that’s starting to change. I would get long ahead of earnings.
I’m concerned by the glut of aluminum, counters Guy Adami. That takes a long time to work off. Considering the run shares have already had, I would not get long ahead of earnings.
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Other Than Alcoa
But, of course, Alcoa isn’t the only company reporting this week. Take a look:
TUE WED THU FRI
YUM COST PEP
FDO
MON
AA
Are there other trades here?
I like Monsanto [MON
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], says Joe Terranova. I think a lot of negative news is already priced in.
I prefer Pepsi [PEP
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], says Pete Najarian.
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Trader disclosure: On Oct. 6th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (NOV), (MOS), (JPM); Terranova Owns Dec. Gold Futures; Terranova Owns March Sugar Futures; Terranova Owns Crude Futures; Terranova Is Short (CCL), (WYNN), (GRMN); Seymour Owns (AAPL), (STD), (EEM), (RIMM), (BAC), (MSFT), (SBUX), (VIP), (RTP); Najarian Owns (C) Calls; Najarian Owns (BRCD) Call Spread; Najarian Owns (DELL) Call Spread; Najarian Owns (GE) Calls; Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (LAZ) & Short (LAZ) Calls & Long (LAZ) Put Spread; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (MYL) Calls; Najarian Owns (TEVA); Najarian Owns (ORCL) & Short (ORCL) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (WFC) Puts; Najarian Owns (YHOO) Call Spread ; Najarian Short (AA) Calls
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