Diamonds and Dogs


M&T Bank (MTB) up 5% on earnings. The New York regional bank beat earnings estimates as sales rose 67% to $2.51 billion, outpacing the consensus estimate of $2.37 billion. M&T saw solid loan demand while higher interest rates supported net interest income (NII) growth.

Not all commodities are higher. Alcoa, the largest aluminum maker, is down 7% following lackluster earnings. Aluminum prices have fallen sharply from peaks of more than $4,000 a metric ton in early 2022, with futures prices now standing at around $2,600 a ton. Alcoa is expecting an uptick in shipments this year with improving demand in the automotive and packaging sectors. However, margins are not expected to improve.

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