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Elliott Associates: Aloca Thesis

Elliott Associates has shown up at Alcoa, supporting the company's plans to split up. They own 6.4%. This is Elliott's first activist campaign in the materials industry in 2015. Elliott's bread-and-butter remains in the tech space.

Alcoa is splitting the company up - into a metal-making business and a manufacturing business. 

Elliott's thesis: "The market is undervaluing its manufacturing business because of the metal price rout." The activist investor has been talking with the company about the spinoff and other options for boosting value. The big idea is that after the split, Elliott wants to see Alcoa sell off its power generation assets.