Alcoa Corp. (NYSE: AA) stock has been cut nearly in half since its spring peak. Shares traded near $77 in May and were trading near $40 prior to the company's Q3 2026 earnings report, which the company delivered after the market closed on Oct. 15.
That kind of drawdown usually signals a broken business or a collapsing commodity. Alcoa has neither. Aluminum prices have cooled from their spring highs, but they have not followed the stock down. Alcoa’s average realized aluminum price fell about 5% from the second quarter to the third. AA shares fell roughly ten times that.
