Alcoa Major Changes in Fair Value of Hedged Aluminum

Alcoa (AA) announced their long awaited quarterlies and managed to serve up improved results. While the investors afflicted with manic depressive behaviour may celebrate the improvement other investors will soon start to ask “where’s the rest of it” These are just baby steps and not conclusive.

By the way if you read the balance sheet you’ll notice a huge drop in fair value of hedged aluminum. Some $500 million. You would think that Alcoa would make a comment about this radical change.