Alcoa earnings estimate cut by J.P. Morgan

JP Morgan analyst Michael Gambardella said Wednesday he was lowering his second-quarter earnings per share estimate for Alcoa Inc. due to lower-than-expected aluminum prices. In a note, Gambardella says he now expects the aluminum producer to make 10 cents a share for the June quarter, down from an earlier forecast of 15 cents.

Analysts polled by Thomson Reuters expect Alcoa to report operating profit of 12 cents a share when it reports results after the bell Monday. Gambardella also lowered his earnings outlook for the second half, but maintained a December price-target of $15.50. Alcoa shares gained 3.3% Wednesday to $10.55; they've fallen 35% since the start of the year.