Whilst the broader equity market was whacked under the sp'1900 threshold, Alcoa (AA) was a notable exception, settling +5.8% @ $9.60. Broader price trend remains bearish, having steadily collapsed from the $17s in February.
Frankly, splitting the company into two will do nothing for the loss making section/s of Alcoa.
With aluminium prices set to remain low for months (if not a few years?) to come... there is little reason to think breaking the company apart is going to help the underlying problem.
*I have ZERO interest in being long AA, not least as management unable to address the real problems.