Closing Bell: Kicking Off Earnings Season, With a Thud (AA, MMR, EXXI, AOL, PEIX, CYCC, MNKD)

Alcoa Inc. (AA) was up over 2% at $17.41 before the close on 150% of normal trading volume ahead of this afternoon's earnings report.

McMoRan Exploration Co. (MMR) was the winner in the gas sector along with Energy XXI Limited (EXXI) based on a gas find in the shallow waters of the Gulf of Mexico. McMoRan was up 51% at $13.87 and Energy XXI was up 32% at $3.48 right before the closing bell.

AOL Inc. (AOL) was up 1.2% at $25.99 before the close on reports that over 1,000 employees took buyouts and that it had begun its round of layoffs to meet its goals.

Pacific Ethanol (PEIX) was the return of a surprise winner... and a head-scratcher. Ethanol is supposed to be dead as far as standalone players are concerned, yet a research report from a little-known group may have caused some additional interest today. Shares were up a whopping 55% at $2.21 before the closing bell, and that follows a move on Friday of more than 50%.

Cyclacel Pharma (CYCC) spent Monday as being the great give-back after it was the temporary trophy hunter's stock in biotech last week. Shares were down 16% at $2.48 right before the closing bell rang.

MannKind Corp. (MNKD) was a surprise winner in drug and biotech land today. Friday's delay by the FDA over its Afresa inhalable insulin did give a further hit this morning as it opened down at $7.69 today. But late in the day the stock was actually up over 3% at $8.30 before the closing bell.