Gary Gordon submits: Get used to the term, ?uneven recovery.? You?re going to hear it out of the mouths of nearly every CEO this earnings season.
For instance, profits at Alcoa (AA) doubled from the year-ago period. In the year-earlier quarter, revenue surged a whopping 27%. Yet CEO Klaus Kleinfeld didn?t hold back from stating, ?Although the economic recovery is uneven, the overall outlook for Alcoa and for aluminum remains positive.?
In essence, whatever the uncertain demand for the popular commodity is ... so goes Alcoa. In fact, even after AA shares closed down -2.9% during Monday?s stock market rout, shares were down another -0.70% in after-hours trading.
The 7/11 worldwide sell-off may have been inspired by sovereign debt woes for yet another PIIGS constituent, Italy. Indeed, it seems that fears of eurozone contagion won?t disappear as quickly as an economic soft patch might.
Nevertheless, I discussed investor sluggishness with basic materials last
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