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Hedge Funds Lose Big on Alcoa $AA

Several hedge funds lost big this morning after aluminium producer Alcoa Inc (AA) announced its initial profit estimate of 22 cents a share was incorrect. It had only earned 15 cents a share. According to TheStreet, Alcoa’s “sales of $6.42 billion, however, exceeded projections for revenue of $6.22 billion.” Unfortunately, the news was not enough to buoy the stock. It closed yesterday at $10.30 a share to open Wednesday at $9.93 a share. By 10am, the loss had deepened, bring to share price to $9.82 and falling.

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Of the funds we track, these lost the most:

1.Paulson & Co – John Paulson: Lost $81.5 million

2. Meru Capital – Guru Ramakrishnan: Lost $3.6 million

3. Levin Capital Strategies – John A. Levin: Lost $2.3 million

4. Elm Ridge Capital – Ron Gutfleish: Lost $2 million

5. Bridgewater Associates – Ray Dalio: Lost $874,000

6. Carlson Capital – Clint Carlson: Lost $691,000

7. Adage Capital Management – Phill Gross And Robert Atchinson: Lost $680,000

8. Caxton Associates Lp – Bruce Kovner: Lost $461,000

9. D E Shaw – D. E. Shaw: Lost $454,000

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in AA since the end of June. We did not take into account their option positions.

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