Alcoa Inc (NYSE:AA) Announces Internship Program
On 2 October, Alcoa Inc (NYSE:AA) announced a $1.25M internship program that will cover 500 students from 8 different countries over a period of 2 years. This community-wide initiative program includes different manufacturing companies. The Institute of international Education will manage the program. The objective of this program is to provide the unemployed young population with some experience to help them embark upon a career in the manufacturing field. The company made this announcement at its 125th Anniversary celebrations that were held in Pittsburg.
In separate news, Deutshe Bank downgraded Alcoa Inc (NYSE:AA) from a “hold” to a “sell” rating and Pulled its PT down to $5.00 from $9.00. The bank analysts are of the opinion that Alcoa Inc (NYSE:AA) should consider divesting its primary aluminum business to enhance its equity value and bring down its negative drag. They feel that the drop in the stock value will act as a catalyst and bring about a change.
Wednesday’s trading session
In Wednesday’s trading, Alcoa Inc (NYSE:AA) dropped by 1.84%. The shares opened at a price of $7.93, climbed to an intraday high of $8.07 and dipped to a close of $8.02. Approximately 38.18 million shares were traded on Wednesday while an average volume of 22.19 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $7.63 and its 52-week high is $9.37. The company has a market capitalization of $8.58 billion.
About the company
Alcoa Inc (NYSE:AA) is involved in producing and managing primary aluminum, fabricated-aluminum, and alumina-combined, via its participation in mining, technology, smelting, refining, fabricating and recycling. The company’s products are used across the world in different industries for making aircraft, automobiles, and commercial-transportation. The products are also used in the manufacture of construction and building, packaging, oil and gas, consumer electronics, defense and industrial applications.