Alcoa (AA) NewsBite - Alcoa Loses Management of Guinea

Alcoa Inc. (AA) opened at 33.70. So far today, the stock has hit a low of 33.25 and a high of 33.80. AA is now trading at 33.42, down 0.32 (-0.95%). The stock hit its 52 week high of 46.94 in July and set its 52 week low of 26.69 in January. AA has been steady for the past year. Alcoa shares have been slipping today on news that an interim management committee will take over the running of the world's top bauxite exporter, Guinea's CBG, from Alcoa. The committee will run Compagnie des Bauxites de Guinee until March 2009. Technical indicators for the stock are bullish but deteriorating while S&P gives AA a positive 4 STARS (out of 5) buy rating. If you're looking for a hedged play on this stock, consider an October bear-call credit spread above the $50 range. AA stock could rise up to 49.6% before expiration and this position would still be profitable.

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