Interesting action today and understandable that some sold as expectations of a conclusive agreement were not met.
The selling then broached a resistance line and then triggered some stops.
Taking this into consideration,not a lot of volume.
The overall tone was positive with only the Alcoa component stating that deal is not complete- which is a statement of fact otherwise it would have concluded.
Then there's the intrigue of
"FYI value-add initiatives to be considered for inclusion in potential JV"
wonder if it's to do with LED screens because this sector of the market would be away from Alcoa's experience (?)- hence the tentative nature.Worse come to worse,Alcoa say no to this and they move ahead with the main show.
See FYI's tweet issued this am as above.
All in all, ann. not what was expected or wanted,but maybe and probably very positive for the long term- especially if the JV venture gives a US and European base for more than was initially contemplated.Looks like all the cards have been laid on the table,Roly just palying his best hand.
