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Alcoa is trading at 1483, with the stock up 15% since first-quarter earnings were revealed in early April. The third-largest aluminium producer impressed traders with results for the first three months of 2014; EPS came in at $0.09 and revenue was $5.4 billion, both beating expectations. Alcoa’s primary metals business is improving but it still posted a loss of $15 million in the first quarter of 2014; the unit registered a loss of $35 million in the final quarter of 2013.
Alcoa is continuing to trim it smelting business as demand has fallen and costs have risen. Once it has reduced its smelting capacity in Brazil this will equate to a drop in capacity of 28% since 2007.
Looking at the broader market the US 500 is up nearly 7% year-to-date while Alcoa is up over 39% during the same period, and Chinese manufacturing has recently picked up.
The stock is receiving support from the 50-day moving average of 1389. If it takes out the recent high of 1516, it could continue to 1600.