Diamonds and Dogs


Materials look good. Aluminum maker, Alcoa (AA) is up 8% to a new high following strong earnings. Alcoa beat by 32 cents as sales rose 20% to $2.87 billion. The company reported revenue and income at its highest level since 2018. Alcoa is expecting a strong 2021 based on continued economic recovery and increased demand for aluminum in all end markets.

Profit-taking in Morgan Stanley (MS). The investment bank fell nearly 3% after reporting  a surprise  $911 million loss tied to the collapse of Archegos Capital Management, staining what was otherwise a record quarter for revenue and profit.

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