AAI.AX Alcoa (ASX) down 6.90% intraday 20 Jan 2026: earnings 22 Jan set the test

Today intraday, AAI.AX stock dropped 6.90% to A$88.71 on 20 Jan 2026 as traders priced in next-week earnings. Volume is 45,842 shares versus a 50-day average of 315,446, so liquidity is present but below normal. We focus on the upcoming earnings announcement on 22 Jan 2026, how results could move the ASX-listed Alcoa Corporation stock, and what investors should watch for in guidance and margins.