Concern about the global economy has Wall Street tumbling today, but not all the market news is quite so scary. Consider the profit expectations for aluminum maker Alcoa Inc.
Bloomberg says Alcoa, which has a large presence next door in Blount County, may report that its second quarter profit more than doubled on rising global demand. Alcoa is benefiting from the growth of companies like General Motors and Airbus.
But wait, there’s more.
Evidence continues to mount that the national economy is gaining strength.
The latest evidence of recovery comes from today’s Institute for Supply Management report which shows that manufacturing activity in January jumped to 60.8, the strongest reading since May 2004.
It’s way too early to pass judgement on General Motors return to the stock market, but that isn’t stopping analysts, politicians and others from having their say.
Here’s a sampling of what’s being said, including a video from the White House blog. So far, most of the chatter has been positive, but what will the experts be saying a year from now?
White House White Board: The Rebirth of the American Auto Industry
SmartMoney: The General Motors Bait-and-Switch
Barron’s: The Other Way to Play GM
MarketWatch: GM shares retreat some from re-entry gains
MarketBeat – WSJ.com: GM Stock: Trading but whtih training wheels
Photo: (AP Photo/Paul Sancya, file) In this file photo taken Thursday, Nov. 18, 2010, General Motors headquarters are shown in Detroit. Shares of the reborn General Motors lost momentum in early trading Friday, Nov. 19.
Fox Business News’ stocks editor Elizabeth MacDonald has a not-so-comforting take on General Motors’ television campaign touting the pay back of taxpayer loans.
Read her blog post here.
The government bailout of automakers GM and Chrysler likely will take years to unwind and cost taxpayers mroe money, MacDonald says.
The economy still has a ways to go but these stories suggest good things are happening with the recovery.
Specifically — cosumers are shopping again, investors are regaining their confidence, advertising is bouncing back and, perhaps, most significant, there is light at the end of the tunnel for General Motors.
GM pays back government loans from US, Canada
Best Non-Holiday Quarter for Apple
Yahoo earnings nearly triple
Morgan Stanley’s profit of $1.41B tops forecasts