Daily Wrap: 4/8/13

Shares of Alcoa (AA) dropped almost 1% in after hours trading as first quarter revenue fell short of expectations. The stock had gained almost 2% in today's session in anticipation of its announcement. Earnings were better than expected, coming in at 11 cents vs. the 8 cents per share estimate. The sales miss, however, was reportedly blamed on lower aluminum prices and warned of a slightly tighter market as supply contracts.