Alcoa Flops to Kick Off Earnings Season — Tuesday’s IP Market Recap

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tdp2664 InvestorPlace Among figures worthy of note in the annals of false-start history are Kentucky Derby winner Barbaro in the 2006 Preakness Stakes, Usain Bolt in the 100-meter final at the 2011 World Track and Field Championships — and now, Alcoa (NYSE: AA ), which laid an egg to kick off this year's third-quarter earnings season. Alcoa had analysts hanging their heads after the bell Tuesday when it reported Q3 earnings of 15 cents per share — a loud cry short of Wall Street's 22-cent-per-share expectation, which actually was down 42% from estimates in April. The company's poor numbers — which were blamed on "lower metal prices, seasonal factors and weakness in Europe" — set a gloomy investing tone for the next few weeks, as the aluminum giant's report traditionally rings in the earnings season. The poor report also sent Alcoa's stock down about 4.5% in after-hours trading, continuing a sob story that includes an almost 42% loss since its year-to-date high of $18.13 in April. The silver lining was a slight beat in revenue expectations, with Alcoa bringing in $6.42 billion. Analysts had estimated revenues of $6.24 billion. Companies forced to follow that act include PepsiCo (NYSE: PEP ), Progressive (NYSE: PGR ), Host Hotels (NYSE: HST ) and Infosys ( NASDAQ : INFY ), which report earnings Wednesday. Also Tuesday, deep-discount retailer 99 Cents Only (NYSE: NDN ), long in the acquisition crosshairs, finally got hit. Private equity firm Ares Management LLC and the Canada Pension Plan Investment Board will buy out the company for $1.6 billion, or $22 per share — about 7% higher than its Tuesday finish of $21.39. NDN previously was courted by Leonard Green & Partners LP and the Schiffer- Gold family for an offer of $1.3 billion, or $19.09 per share. Three Up Sprint Nextel (NYSE: S ): Up 7.21% (16 cents) to $2.38. Citigroup (NYSE: C ): Up 5.1% ($1.35) to $27.84. Research In Motion ( NASDAQ : RIMM ): Up 5.08% ($1.18) to $24.41. Three Down First Solar ( NASDAQ : FSLR ): Down 6.47% ($3.87) to $55.91. CME Group (NYSE: CME ): Down 3.41% ($9.06) to $257. Equity Residential (NYSE: EQR ): Down 3.13% ($1.71) to $52.91. As of this writing, Kyle Woodley did not own a position in any of the aforementioned stocks.