Alcoa Unveils Advanced Aluminum Alloy and 2 More Heavily Traded Stocks to Follow
Alcoa Inc. (NYSE:AA): Current price $8.59
Alcoa on Monday rolled out a new advanced aluminum wheel alloy. The material will permit lighter-weight wheels at heightened strength with the same corrosion-resistant characteristics similar to the industry standard, which is also made by Alcoa. Alcoa intends to debut a new wheel featuring the alloy early next year. Unveiled at the American Trucking Association Management Conference & Exhibition in Orlando, Florida, the lightweight alloy, MagnaForce, is on average 16.5 percent stronger than the industry standard.
Goodyear Tire & Rubber Co. (NASDAQ:GT): Current price $21.02
Goodyear shares are down about 6.5 percent Monday after a downgrade at Deutsche Bank to Hold from Buy and a cut to its target price from $29 to $26, based on worries about margins over the next few years. In a research note, analysts said that based on their analysis of supply, demand, and competition, the firm’s potential margins during that period are not as clear as they have been. Although the analysts said they still perceive Goodyear’s shares as attractively valued, this uncertainty prompted them to alter their take on the stock.
SolarCity Corp. (NASDAQ:SCTY): Current price $58.03
SolarCity on Monday announced the close of offerings of 3.91 million shares of common stock at $46.54 per share and $230 million in aggregate principal amount of its 2.75 percent convertible senior notes due 2018, including the full exercise of the underwriters’ options to buy additional shares of stock and notes. SolarCity received aggregate net proceeds, after subtracting underwriting discounts and commissions and estimated offering expenses, of around $396.6 million.
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