Alcoa's stock plunges toward biggest selloff in 9 years after government's decision on Russia's Rusal
Shares of aluminum producer Alcoa Corp. tumbled 12.5% in midday trade Monday, putting them on track for the biggest one-day selloff in nine years, after the U.S. extended the deadline for dealing with United Co. Rusal. The Russia-based aluminum giant is controlled by Oleg Deripaska, who was sanctioned for his involvement in U.S. elections meddling. Trading volume has ballooned to 8.6 million shares, which is nearly double the full-day average. Alcoa's stock is on track for the biggest percentage decline since it plunged 14.2% on March 30, 2009. The stock has lost 2.5% year to date, while the S&P 500 has gained less than 0.1%. Among other aluminum companies, Century Aluminum Co.'s stock slumped 3.1% in midday trade and Kaiser Aluminum Corp. shares shed 1.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.