10 Firms Buck Broader Market Optimism

5. Alcoa Corp. (NYSE:AA)

Alcoa Corp. saw its shares drop by 6 percent or 2.28 points to finish at $35.71 each as investors sold off positions amid the lack of clear catalysts to spark buying appetite.

As indicated by its 30-day performance, investors appeared to be cautious about the company’s growth prospects amid multiple macroeconomic factors that are putting brakes on the rally in aluminum prices seen through COVID-19. At present, aluminum prices are down by 35 percent to $2,580 from a high of about $4,000 per metric ton in March 2022.

Alcoa produces and sells bauxite, alumina, and aluminum products, while also operating hydropower plants that generate and sell electricity to various industrial and wholesale markets.