Alcoa (AA)
Alcoa shares fell after the close on weaker-than-expected shipments for the precious metal this year. The US aluminum producer expects deliveries of between 2.5 and 2.6 million tons this year. That fell short of analyst consensus estimates of shipping an average of 2.65 million tonnes of aluminum.
“The company also worked to mitigate challenging market conditions throughout the year, which included high raw material and energy costs and lower sequential prices in the alumina and aluminum segments in the fourth quarter,” the company said in its quarterly statement on Wednesday .
The price of the light metal fell by around 15% in 2022. Alcoa reported revenue of $2.66 billion versus estimates of $2.67 billion for the most recent quarter and a loss per share of 70 cents versus expectations of 71 cents.
Discover (DFS)
Discover Financial Service fell 6% after higher-than-expected net charge-offs. The closely tracked metric for the fourth quarter was $581 million versus estimates of $554.7 million. Discover expects net charge-offs to increase between 3.5% and 3.9% in 2023 versus expectations of 2.8%.
The bank’s earnings per share for the fourth quarter were $3.77 versus estimates of $3.62.
Vroom (VRM)
Vroom’s shares rose after announcing that the company would lay off 275 employees, about 20% of its workforce, or 275 employees, as part of its cost-cutting measures. The cuts exclude United Auto Credit, a lender the used-car dealership acquired in 2021.
Vroom anticipates $4 million in cash charges related to severance packages. It expects to save $27 million from the job cuts.
Ines is Senior Business Reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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