It`s no longer a member of the Dow so aluminum giant Alcoa can only unofficially kick off the new earnings season and it did so after the bill today, but not before making big news about settling civil and criminal bribery charges.
For the just completed quarter, Alcoa reported a net loss of more than $2 billion because of depressed aluminum prices and after writing down the value of smelting operations. Alcoa pulled in four cents a share. That however is two cents shy of estimates even though revenues did beat Wall Street forecasts. Shares initially lower as you see there in late trading.
Morgan Brennan reports on Alcoa`s fine and the company`s new strategy in a changing industry.