Mid-Market Update: Alcoa (AA, $9.21, down $0.34) shares tend to trend either higher or lower into the company’s earnings announcement and, while a nice pop usually occurs afterwards, the action after the news can be counterproductive depending on the results. The company has topped estimates during the past two quarters by $0.05 and $0.02, respectively, but it missed by $0.06 and $0.03 during the two previous quarters. This makes an earnings trade in the name risky.

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