Disconnected again
Monday, April 7th, 2008After the bell tonight, Alcoa released their first quarter earnings. Earnings dropped 54%, from $662 million (75 cents/share) last year, to $303 million (37 cents/share) this year. According to Bloomberg analysts were expecting earnings to be 50 cents/share.
Since they missed expectations big time, you’d think shares would drop, but no, shares of Alcoa are up 22 cents to $37.66 in after-hours trading. Huh? That’s what I said….
For some strange reason, the markets are shrugging off bad news lately. No matter how bad the earnings, the stock price rises. Kinda reminds me of 1999 and 2000, when tech related stock prices were bid up and up and up, even though the companies had zero earnings.
Ok, I’ll roll with it. Just remember what happened in 2001 through 2003.
gk
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