Stocks moved sideways today, but after the close aluminum giant Alcoa reported earnings of $0.04, well above expectations of a loss of $0.09. Revenues were also above expectations.
Aluminum is widely used in transportation, canning, construction, paints and cooking utensils, so demand is considered a good leading indicator of the global economy.
In an interview on CNBC, CEO Klaus Kleinfeld said that sales had grown 9 percent from the second quarter to the third quarter, across many different sectors. Aerospace, however, continues to lag.
Kleinfeld said China had been aggressive buyer (to support its stimulus program) and he said the U.S. market was stabilizing. He said U.S. stockpiles of aluminum were low.
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