On July 22, Alcoa rose 5.26% in regular trading, trading at $46.65/share, with turnover of approximately $53.49 million. The rebound follows a period of significant selling pressure, with the stock having declined roughly 13% since its announcement of a $5.6 billion acquisition of South32's aluminum assets on June 30.

Alcoa's Q2 fiscal report showed revenue surging 31% year-over-year to $3.97 billion, setting a quarterly record, while adjusted EPS came in at $2.12, representing a more than fourfold increase from $0.39 a year earlier. Notably, the aluminum segment delivered adjusted EBITDA of $1.07 billion, exceeding analyst expectations, driven by rising aluminum prices and the restart of idled smelting capacity. Multiple institutions have maintained buy ratings, with Morgan Stanley previously stating that the stock's decline was excessive and reiterating a buy rating with a $79 target price. The current move appears to reflect a market reassessment of valuations following the post-earnings and post-acquisition selloff, as investors recognize the strength of the underlying aluminum business despite the prior downward revision of alumina production guidance.

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