After an allegedly 5.7% GDP rise in Q$-09 and a supposedly voracious appetite from China imports (you know, the nation who is supposed to lead the developed world out of recession, yet had a trade deficit last quarter), Alcoa reports a first-quarter loss of $201 million on revenue of $4.89 billion.
Alcoa's first-quarter loss narrowed as the company benefited from higher aluminum prices, which offset lower shipment volumes.
That equates to a 7% top like revenue MISS! For those that don't get the gravity of this occurrence, Alcoa is a bellwether of the global economy's use of Aluminum and there is a very slim chance the economic engine is humming along with this dismal performance.
In addition, it is very difficult to miss top line estimates by that much since it is Alcoa that guides the sell side estimates! It is not as if those Wall Street guys come up with the numbers on their own.
I will release some interesting stats on global commodities in a day or two.