The Nikkeistock average slipped today, after Alcoa Inc’s earnings suggested that Europe’s debt crisis was set to hurt US corporate profits, Economic Times reported.

The Nikkei benchmark lost 0.6% to 8,721.90. The broader Topix index fell 0.6% 750.59. Further, Honda Motor Co fell 4% to 2,254 yen, underperforming rival car makers after flooding in Thailand forced the shutdown of some of its factories there.

According to Honda officials, their vehicle manufacturing plant in central Thailand has ceased operations since Oct 4 and there were no chances of resuming production at the moment.

Toyota Motor Co, which has also shut some production facilities in Thailand due to flooding, lost 1.6% to 2,548 yen, and Nissan Motor co shed 1% to 704 yen. Honda had risen more than 5% the day before Toyota had risen 1.6%. 

The aluminium producer Alcoa Inc reported third-quarter net income that fell far short of expectations. The concerns of a slowdown in the global economy pushed down prices for aluminium by 12% in the July-September period. For the quarter, Alcoa net income totaled $172 million, or 15 cents a share.

The company’s quarterly revenue surged 21.4% on a year-over-year basis. The analysts at JP Morgan Chase & Co cut their price target on shares of Alcoa from $22.00 to $17.00. Deutsche Bank analysts downgraded shares of Alcoa from a buy rating to hold rating.

The shares of Alcoa traded up 2.08% during mid-trading on Tuesday, hitting $10.30. Alcoa has a 52 week low of $8.85 and a 52 week high of $18.47. The stock’s 50-day moving average is $11.09 and its 200-day moving average is $14.60. The company has a market cap of $10.961 billion and a price-to-earnings ratio of 11.54.

Alcoa is the world’s largest producer of primary aluminum and fabricated aluminium, as well as the world’s largest miner of bauxite and refiner of alumina.