Alcoa Corp
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Materials : Metals & Mining | Small Cap Value
Company profile

Alcoa Corporation (Alcoa) is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company’s operations consist of three reportable business segments: Bauxite, Alumina, and Aluminum. The Bauxite and Alumina segments primarily consist of a series of affiliated operating entities held in Alcoa World Alumina and Chemicals (AWAC), which is a joint venture between Alcoa Corporation and Alumina Limited. The Aluminum segment consists of the Company’s aluminum smelting, casting, and rolling businesses, along with the energy production business. Its Bauxite segment consists of the Company’s global bauxite mining operations. The Company’s Alumina segment consists of the Company’s worldwide refining system, which processes bauxite into alumina. The Aluminum segment consists of its worldwide smelting and casthouse system, a rolling mill in the United States, and a portfolio of energy assets in Brazil, Canada, and the United States.

Closing Price
$7.41
Day's Change
0.15 (2.07%)
Bid
--
Ask
--
B/A Size
--
Day's High
8.02
Day's Low
7.22
Volume
(Heavy Day)
Volume:
13,298,826

10-day average volume:
10,869,633
13,298,826

UPDATE: Canopy Growth, Hexo downgraded by Seaport; analysts recommend switch to US cannabis sector from Canadian

10:39 am ET October 14, 2019 (MarketWatch)
Print

Seaport Global downgraded Canadian cannabis companies Hexo Corp. (HEXO.T) and Canopy Growth Corp. (WEED.T) to neutral from buy on Monday, and reiterated neutral ratings on Aurora Cannabis Inc. (ACB.T) and Tilray Inc. (TLRY), leaving Aphria Inc. (APHA.T) as the only buy-rated Canadian cannabis company in its coverage. "We see a headwind for the Canadian cannabis market, ahead, based on sizable industry supply that will aim to funnel into a limited retail store set," analysts Brett M. Hundley and Luke Perda wrote in a note to clients. "We expect pricing and margins to drop considerably." The analysts said their model, rating and price target for Green Organic Dutchman are under review, pending news on its efforts to get fresh financing. In the U.S. multi-state operator space, the analysts "see a completely different set of circumstances in place, and we would broadly recommend that investors rotate away from Canada and towards the US," they wrote. "We do not think that recent vape headlines will materially cut into forward MSO financials, and we see a number of opportunities for public MSOs on the horizon." Canopy shares were down 0.8% in premarket trade, while Hexo was down 4.7%. The ETFMG Alternative Harvest ETF (MJ) was up 1.1%, but has fallen 25% in 2019, while the S&P 500 has gained 18%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 14, 2019 10:39 ET (14:39 GMT)

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