Alcoa Widens Loss, Plans Job Cuts

Aluminum giant Alcoa(AA Quote) widened its loss in the fourth quarter and said it would cut 8,000 jobs, citing weakness in global manufacturing and slack demand in the aerospace industry.

The Pittsburgh-based company posted a net loss of $220 million, or 27 cents a share, compared with a year-ago loss of $42 million, or 17 cents a share, according to generally accepted accounting principles. Excluding charges, the company said it earned 16 cents a share, a penny less than last year. Wall Street analysts, on average, were expecting the company to earn 25 cents a share, according to a survey by Thomson Financial/First Call. ...