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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (42635)	1/12/2009 5:08:51 PM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) \| Respond to of 95490

Here is the first summary report on AA quarterly results. <<Alcoa racks up $1.2 billion loss for quarter 4:41 PM ET 1/12/09 SAN FRANCISCO (MarketWatch) -- Alcoa Inc. swung to an expected fourth-quarter loss Monday as it took hefty charges to deal with weak global demand for aluminum. Alcoa said it lost $1.2 billion, or $1.49 a share. In the year-earlier period, the aluminum giant earned $632 million, or 75 cents a share. Sales fell to $5.7 billion, from $7 billion, as automakers and construction firms ordered less metal. Aluminum prices dropped 35% from a year ago, Alcoa (AA) said. Last week, Alcoa laid out a restructuring plan to conserve cash as it waits for aluminum demand to rebound. It plans to cut more than 15,000 jobs, close plants, curb aluminum output and slash capital expenditures by 50%. It also intends to sell four consumer-related business units that lost a combined $105 million in 2008 after taxes. Alcoa shares have lost 68% in value over the past year, making it one of the worst performers among the 30 components that make up the Dow Jones Industrial Average. Investors have been betting big against Alcoa. The short interest in Alcoa shares is at its highest level since 1998 and five times its average level over that 10-year time period. Short sellers are investors who bet a stock will drop over time, rather than gain in value. Deutsche Bank took a more bearish stance ahead of Monday afternoon's earnings report. The broker cut Alcoa shares to sell, from hold, and shaved its price target to $8 from $10. In trading Monday, Alcoa shares closed at $10.06, a decline of 7%.