alcohol (AA)
Shares of Alcoa fell after hours on weaker-than-expected demand this year. The US-based aluminum producer is expected to ship between 2.5 million and 2.6 million tonnes this year. That falls short of the analysts’ consensus estimate of shipping an average of 2.65 million tonnes of aluminum.
The price of light metals fell about 15% in 2022 amid a decline in demand for vehicles and equipment, especially in the fourth quarter of last year.
Alcoa posted revenue of $2.66 billion versus estimates of $2.67 billion for the latest quarter, and a loss per share of 70 cents versus expectations of 71 cents.
Detect (DFS)
Discover Financial Service drops 6% after posting higher than expected net discount. The closely watched figure for the fourth quarter was $581 million versus an estimate of $554.7 million. Discover predicts net fee reduction to grow from 3.5% -3.9% in 2023, versus an expectation of 2.8%.
The bank’s fourth-quarter earnings per share came in at $3.77 versus an estimate of $3.62.
room (VRM)
Vroom shares rose after the company announced it was laying off 275 employees, about 20% of the staff, or 275 employees, as part of cost-cutting measures. The cuts do not include United Auto Credit, the lender that the used car retailer buys in 2021.
Vroom predicts a $4 million cash charge due to severance packages. It hopes to save $27 million due to job cuts.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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