AA Preview: Have We Seen a Cyclical Bottom? Page 2
On the call, I will try to get a sense of which pieces the company plans to retain, rather than shut down or sell. Chief among these, I expect to be high value-added products directed at end markets, while many commodity and intermediate products are likely candidates for discontinuance. I would also be interested in hearing the company's timetable, both for sector recovery, and for the (likely pushed back) coming stream of several key initiatives. With its wide range of industrial end markets, Alcoa may be regarded as a proxy for much of the capital goods sector.
P.S. Will you be there when Cramer makes his next move?
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At the time of publication, Au was long Alcoa, although holdings can change at any time.Thomas P. Au, CFA, is a principal with R. W. Wentworth, a financial services firm in New York City. Earlier he was an emerging markets portfolio manager for the investment arm of Cigna Corp. and an analyst with Unifund, S.A. of Switzerland and Value Line. He graduated cum laude with a B.A. in Economics and History from Yale University and an M.B.A. in Finance from New York University. Au is the author of A Modern Approach to Graham and Dodd Investing. Au appreciates your feedback; click here to send him an email.
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