Alcoa Tops Earnings Expectations

    Traders Jonathan Corpina, left, and Steven Kaplan work on the floor of the New York Stock Exchange Wednesday, Aug. 1, 2012. Stocks are mostly higher in morning trading. (AP Photo/Richard Drew)

    Richard Drew / AP Photo

    Well, that’s a good omen. Alcoa, the giant aluminum manufacturer, is always the first major corporation to report quarterly profits, and the company kicked off the fall earnings season Tuesday with a reassuring report. Alcoa reported a loss, thanks to a legal settlement, but revenues came in better than analysts expected. The company’s CEO said business was looking up despite the global slowdown, and that “the market has forgotten the fundamentals and sentiment dominates the pricing.”

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