the best of a bad situation. It's true that "looking on the bright side" has been a recurring theme. But even though the Street expects Alcoa to post a 2% decline in revenue on Tuesday, I don't believe the poor aluminum industry is a valid reflection of how well-managed Alcoa really is.
That said, I won't begrudge anyone who has held on to this stock faithfully for turning bitter. But given Deutsche Bank's recent downgrade and Alcoa's banishment from the Dow, investors should separate the company's absolute performance from the industry's persistent struggle. I believe this is the only way to truly appraise Alcoa's underlying value. Likewise, investors should begin to put just as much emphasis on Alcoa's segmental performances as they do on revenue growth and aluminum demand. Unlike most, I'm not holding my breath expecting better revenue growth and a spike in aluminum pricing. While there have been some slight improvements over the past couple of year, there aren't going to be any miracle's here. Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.