On July 2, Alcoa rose 5.31% in regular trading, trading at $50.24/share, with turnover of $68.91 million. The rebound follows a sharp selloff earlier this week after the company announced a deal to acquire South32's bauxite, alumina, and aluminum smelting assets for up to $5.6 billion.

The stock had previously plunged nearly 9% as investors reacted negatively to the transaction structure, which includes $3.1 billion in cash, approximately $1 billion in Alcoa stock, and assumption of $750 million in net debt and lease liabilities, plus up to $750 million in aluminum-price-linked contingent consideration. However, Alcoa's CEO subsequently stated publicly that the overseas assets possess a \"strong operational history,\" while the company emphasized the deal would be immediately accretive to EPS and free cash flow.

Analyst support further bolstered sentiment. Morgan Stanley previously called the selloff overdone and reiterated an Overweight rating with a $79 target, while UBS maintained a Buy rating with a $68 price target, providing valuation support for the recovery.

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