Key Highlights

● Kaiser opened at $134.90 on October 22, down from a prior close of $153.95.

● The stock sank as low as about $122.88 during the session.

● Earnings of $1.89 a share were far below the $2.37 expected.

● Sales of $1.21 billion were in line with expectations.

Kaiser Aluminum (NASDAQ:KALU) plunged on Thursday, October 22, 2026, after the aluminum products maker reported third-quarter earnings well below Wall Street's forecasts. The stock, a member of the S&P SmallCap 600, opened at $134.90, down from a prior close of $153.95, and sank as low as about $122.88 during the session.

A profit miss

Kaiser reported third-quarter earnings of $1.89 per share, far below the $2.37 analysts had expected.

Revenue was not the problem. Sales came in at $1.21 billion, in line with expectations and sharply higher than a year earlier. That combination, strong top-line growth but weaker-than-expected profit, suggests costs ate into the company's earnings during the quarter.

For investors, a miss of nearly $0.50 per share against consensus is a significant shortfall, and it prompted a sharp repricing from the opening bell.

Measuring the drop

The stock's opening price alone was about $19.05 below Wednesday's close. At the session low, shares were about $31.07 below the prior close.

As an aluminum products maker, Kaiser's profitability can depend on the cost of metal and energy as well as on what it charges customers.

The stock goes ex-dividend on Friday, October 23. Kaiser pays a quarterly dividend of $0.77 per share. Investors who buy the stock on or after the ex-dividend date will not receive the upcoming payment.

A difficult day for metals

Kaiser's slide came on a weak day for metals more broadly. Alcoa (NYSE:AA) fell after Argus downgraded it to Hold from Buy. Copper posted its lowest close since July, according to market data, and gold and silver also fell, with gold hitting its lowest level in more than two months.

Energy costs, a major expense for aluminum producers and processors, kept rising. Brent crude settled at $113.17, its highest since May 4, after Houthi attacks in Saudi Arabia and a media report about plans for renewed strikes on Iran.

Aerospace-linked suppliers also struggled. Hexcel (NYSE:HXL) sank after a narrow sales miss, and Carpenter Technology (NYSE:CRS) slumped after its revenue fell short of forecasts.

The broader market

The main story on Thursday was a selloff in artificial-intelligence and chip stocks. The Nasdaq Composite fell 694.00 points to 26,008.86, its steepest drop since June 5, after Meta Platforms (NASDAQ:META) reported heavy AI spending and Lam Research (NASDAQ:LRCX) warned of supply constraints. The S&P 500 slid 93.74 points to 7,663.43, its worst day since July.

Small caps held up better overall. The Russell 2000 edged up 3.01 points to 2,784.03, and about two of every three S&P 500 stocks rose, according to market reports. Consumer staples posted their best day since April 2025, and health care hit a record.

Treasuries rallied, sending the 10-year yield back below a closely watched threshold for the first time since September 22. Initial jobless claims came in at 194,000, below the 200,000 expected, and the Dow Jones Industrial Average finished essentially flat.

Kaiser Aluminum Faces Cost Questions and an Ex-Dividend Date

For Kaiser, investors will want to understand what drove the profit shortfall despite strong revenue, and whether those pressures persist into the fourth quarter. Commentary on demand, and on metal and energy costs, will be closely watched.

The ex-dividend date on Friday may also affect trading. On the macro front, Friday's S&P Global purchasing managers' surveys will provide a fresh read on manufacturing activity, and the Federal Reserve announces its decision on Wednesday, October 28.