US Stock Market Move | Alcoa Corporation (AA.US) once rose over 9%, marking the largest intraday increase since February.

On Monday, the stock price of Alcoa Corporation (AA.US) rose, surging over 9% at one point, marking the largest intraday increase since February. As of the time of writing, the stock has risen over 7% to $34.875. In terms of news, Alcoa Corporation has sold 25.1% of its stake in a joint venture with the Saudi Arabian mining company Ma'aden to the latter for $1.1 billion. The company will receive approximately 86 million shares of Ma'aden stock and $150 million in cash, with the transaction expected to be completed in the first half of next year. The company will retain about 2% of Ma'aden's shares, which will be held for a minimum of 3 years. The joint venture was established in 2009 and is a integrated mining project in Saudi Arabia, with Ma'aden originally holding the remaining 74.9% stake in the joint venture company.