Movers: Alcoa, Cisco Systems, Merrill Lynch, Freddie Mac, Fannie Mae, QLogic
Alcoa (AA) posts $0.66, vs. $0.81 a year ago, second quarter GAAP EPS on 5.6% lower sales. Notes that, while second quarter results were down year over year, its profitability compared with the first quarter 2008 rose 80%, as higher input costs impacting the entire aluminum industry were offset by higher volume and stronger pricing. S&P reiterates buy. Friedman Billings upgrades to outperform.
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