Alcoa Backs London Metal Exchange Up to a Point and 2 Other Hot Stocks to Watch
Alcoa Inc. (NYSE:AA): Current price $9.06
Alcoa announced on Thursday that it backs the London Metal Exchange’s endeavors to enhance transparency, but only so far. The aluminum giant backed off from endorsing the exchange’s plans to overhaul its warehousing policy, as it has criticized modifications to storage rules which were proposed by the exchange in July and are intended to put an end to a crisis concerning distorted supplies and rising prices for metal that has been a burden to the exchange for a long time. In October, Alcoa warned in a letter to British and American regulators that the proposal could damage the entire aluminum market.
Riverbed Technology Inc. (NASDAQ:RVBD): Current price $17.73
Riverbed shares are up by more than 14 percent on Friday after Elliott Associates LP said it bought a 10.4 percent position and will press for a review of the company’s strategic alternatives. Elliott said in a filing that Riverbed is “significantly undervalued,” considering that its tech is importantly involved in thousands of networks. Besides that, the firm said that Riverbed could better boost its valuation by reviewing its strategy and capital structure, saying in the filing,“We have detailed these observations to the board of directors of the issuer and look forward to a constructive dialogue.”
Pfizer Inc. (NYSE:PFE): Current price $31.25
Pfizer on Friday reported top-line results from its Phase 3B/4 study of RAPAMUNE (sirolimus) evaluating kidney transplant patients who transitioned from tacrolimus-based therapy to RAPAMUNE three to five months after transplant. The primary endpoint of the study was not attained because there was not a statistically significant difference in renal function improvement between patients who continued receiving TAC and those who switched to RAPAMUNE.