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Alcoa shares fell after Q2 2026 earnings missed estimates and guidance was cut, but the drop was driven more by its $4.7 billion South32 acquisition than weak results.

Alcoa shares tumble as management cuts full-year alumina production guidance. But should you load up on AA stock on the post-earnings dip?

The company said it now expects to produce between 200,000 and 300,000 fewer metric tons of alumina in 2026, for a total production of 9.5 million to 9.6 million metric tons.

Alcoa shares are on track for their worst day since President Trump announced sweeping tariffs in April 2025, trading as much as 12% lower after the Pittsburgh company said it would pay up to $5.6 billion for bauxite, alumina and aluminum assets in South Africa, Australia and Brazil. The BHP spinoff will receive $3.1 billion in cash, newly issued Alcoa stock worth roughly $1 billion that it plans to distribute to shareholders and future payments that could reach $750 million. The deal comes amid a decline in aluminum prices from near record highs reached when fighting in the Persian Gulf blocked the region's aluminum smelters from global markets.

Alcoa expands upstream portfolio with major South32 dealShares of Alcoa Corporation (NYSE:AA) declined nearly 5% in pre-market trading on Wednesday after the aluminium producer agreed to acquire South32’s bauxite, alumina and aluminium operations in a transaction valued at $4. 1 billion.

Investing.com - U.S. stock futures pointed lower on Wednesday as investors awaited fresh remarks from Federal Reserve Chair Kevin Warsh and monitored uncertain peace talks between the United States and Iran.