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Ex-Alcoa CEO Kleinfeld Lands A New Job In Saudi Arabia
Tuesday, October 24, 2017 - 1:36pm | 356Klaus Kleinfeld abruptly resigned from his post as CEO of Arconic Inc (NYSE: ARNC) (formerly Alcoa Inc.) after writing an unauthorized letter to activist investor Elliott Management. The hedge fund viewed the letter as being "a threat to intimidate or extort a senior officer." Kleinfeld's apparent...
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A Timeline Of Arconic's Rancorous Battle With Elliott Management
Tuesday, May 23, 2017 - 2:25pm | 425A proxy battle between Arconic Inc (NYSE: ARNC) and Elliott Management, an activist investor and major shareholder, ended on Monday. As part of an agreement between the two entities, Elliott will nominate three cirectors and Arconic will elect two members on May 25. Deutsche Bank's Jorge...
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Arconic CEO Resigns After 'Unauthorized' Letter To Hedge Fund
Tuesday, April 18, 2017 - 1:20pm | 668Shares of Arconic Inc (NYSE: ARNC) were trading down Tuesday after an initially positive market reaction to the departure of CEO Klaus Kleinfeld. Kleinfeld resigned Monday after sending an unauthorized letter to activist stakeholder Elliott Management, according to Arconic’s announcement of...
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A CEO Who's Who Of Trump's Manufacturing Council
Friday, January 27, 2017 - 5:36pm | 2282A group of more than two dozen CEOs have been tapped by President Donald Trump to create recommendations to grow the American manufacturing sector. The group convenes at a time when Trump is pledging to cut corporate taxes, slash regulations and also heavily tax companies that outsource...
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A Lot Is Riding On Alcoa's Earnings Call, Bloomberg Says
Monday, October 10, 2016 - 10:56am | 422Alcoa Inc (NYSE: AA)'s quarterly earnings report marks the unofficial start to earnings season. This time around there is a lot riding on its earnings report, at least according to Bloomberg. Alcoa will report its final earnings report on Tuesday before the 128-year-old company splits into two...
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Alcoa Offers Further Details On Its Proposed Business Spin
Wednesday, June 29, 2016 - 1:04pm | 239Shares of Alcoa Inc (NYSE: AA) were trading lower by more than 2 percent on Wednesday after the company provided an update on its proposed spin-off of its business. Alcoa announced back in September 2015 it will split its Value-Add and Upstream businesses into two separate public companies by...
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Alcoa Announces New Long-Term $1.5 Billion Contract; Shares Still Lower
Monday, January 11, 2016 - 11:54am | 129Shares of Alcoa Inc (NYSE: AA) were trading lower by more than 0.50 percent on Monday despite the company confirming a new $1.5 billion long-term contract. Alcoa will provide advanced nickel-based super-alloy, titanium and other components to General Electric Company (NYSE: GE)'s aviation segment...
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Alcoa CEO Weighs In On Second-Quarter Results And Concerns Regarding China Slowing Down
Thursday, July 9, 2015 - 7:19am | 361Alcoa Inc (NYSE: AA) reported second-quarter numbers on Wednesday which came below analysts' expectations. Revenue for the quarter rose 1 percent year-over-year to $5.9 billion, while earnings increased to $140 million from $138 million it reported for the same quarter last year. Alcoa CEO,...
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Alcoa CEO: Competitive And Transformative Moves Shine Through 'Very Nicely' In Q1
Thursday, April 9, 2015 - 12:55pm | 404Alcoa Inc (NYSE: AA) came out with better-than-expected quarterly numbers on Wednesday on back of a turnaround in the company's smelting business. The company reported EPS of $0.14 for the quarter, compared to a loss of $0.16 in the same quarter last year. Revenue for the quarter came at $5.82...
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Alcoa CEO On The Company's Better-Than-Expected Fourth Quarter Results
Tuesday, January 13, 2015 - 4:08pm | 265Alcoa Inc (NYSE: AA) came out with better-than-expected fourth quarter results after markets closed on Monday. Alcoa CEO, Klaus Kleinfeld, was recently on CNBC to discuss the performance of the company's "business trifecta." "Well if you look at the fourth quarter, it...
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Alcoa's CEO On TITAL Acquisition And Effects On Business From Lower Oil Prices
Monday, December 15, 2014 - 3:25pm | 352The third-largest producer of aluminum in the world, Alcoa Inc (NYSE: AA), announced Monday morning that it will be acquiring Germany-based castings company TITAL. Klaus Kleinfeld, chairman and CEO at Alcoa, was on CNBC to discuss the deal and the company’s further expansion in the...
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What CEOs Are Saying About Washington Politics
Saturday, December 6, 2014 - 1:37pm | 845Privately, CEOs are probably like most people, fed up with gridlock in Washington and feeling somewhat powerless to do anything about it. Based on the “polite declines” Benzinga received when reaching out to several corporate leaders for comment, however, many preferred to keep...
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Alcoa Inc. Q3 Beats Street Views; Touts Repositioning Strategy
Wednesday, October 8, 2014 - 5:23pm | 231Alcoa Inc. (NYSE: AA) kicked off the earnings season Wednesday, beating third-quarter Street views and touting its progress in shifting emphasis to value-added products. In the after-hours session, Alcoa changed hands recently at $16.37 a share, up nearly 2 percent. Chief Executive Klaus Kleinfeld...
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Alcoa Falls 3% After Q4 EPS Earnings Miss
Thursday, January 9, 2014 - 5:22pm | 303Alcoa (NYSE: AA) is down more than two percent in after hours trading after the company announced its fourth quarter results. The company reported a Q4 EPS of $0.04 versus the Street estimate of $0.05. Earnings per share were down 33 percent from the year-ago period. Revenue came in at $5.6...
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Alcoa Jumps After Beating Estimates (AA)
Tuesday, October 8, 2013 - 4:28pm | 370Alcoa (NYSE: AA) has reported a higher-than-expected Q3 EPS of $0.11 versus the Street estimate of $0.06. Revenue came in at $5.77 billion versus the Street prediction of $5.63 billion. Despite the earnings beat, sales were still down one percent year-over-year. Investors responded positively to...