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To: reaper who wrote (70483)	4/4/2003 5:08:11 PM
From: NOW	Respond to of 209892

i concur: this one is short and hold to zero.

To: reaper who wrote (70483)	4/4/2003 5:39:46 PM
From: yard_man	Respond to of 209892

not to mention expected future demand in their end user markets - But I don't think AA goes to zero ...

To: reaper who wrote (70483)	4/4/2003 7:02:34 PM
From: orkrious	Respond to of 209892

the market might have a look at Alcoa's balance sheet damn reaper, I see you have time to look at a balance sheet so I was going to ask you about NCEN's 10k. Then I realized it's the weekend during baseball season. sh*t <g>

To: reaper who wrote (70483)	4/5/2003 1:09:32 AM
From: Spekulatius	Respond to of 209892

AA looks indeed very weak. Their debt has increased from 6.4B$ to 8.7B$ during the last year, even though the business in contracting the Capex is higher than depreciation. During the last 5 years, debt has almost increased 3 fold starting from 3.0B$ in 1997. The question is how much longer are the banks wiling to let them borrow for paying their dividend. in their best year they ever did earn 1.81$/share, so based on that the stock trades at not so cheap 11 times peak earnings. Looks like somebody ought to tell AA's management that they are running a crappy business...