Stocks moving after hours: Alcoa, Discover, Vroom

Must read

Betterhumans Inc. CEO James Clement Is On A Mission To Make You Healthier And Live Longer

Non-profit scientific research organization Betterhumans Inc is working to create affordable solutions for lengthening your lifespan and reversing the effects of aging Health, Family, and...

7 Handbag Trends To Tote Around In 2023

While the arrival warm-weather fashion doesn't necessarily need to mean a whole new wardrobe, it could mean it's time for a new handbag. This...

How Social Security Works After Retirement

After retirement, Social Security provides you with some income to help you pay for your living expenses. The exact amount of Social...

Ines Ferré

Alcoa (AA)

Alcoa shares fell in after hours on weaker-than-anticipated demand this year. The U.S. based aluminum producer expects between 2.5 million and 2.6 million metric tons of shipments this year. That came in short of the consensus analyst estimates to ship an average of 2.65 million tons of aluminum.

The price of the lightweight metal fell around 15% in 2022 amid declining vehicle and appliance demand, particularly in the fourth quarter of last year.

Alcoa posted sales of $2.66 billion versus estimates of $2.67 billion for its latest quarter, and a loss per share of 70 cents versus expectations of 71 cents.

Discover (DFS)

Discover Financial Service sank 6% after posting higher-than-expected net charge-offs. The closely followed metric for the fourth quarter came in at $581 million versus estimates of $554.7 million. Discover anticipates a rise in net charge-offs between 3.5%-3.9% in 2023, versus expectations of 2.8%.

The bank’s earnings per share for the fourth quarter came in at $3.77 versus estimates of $3.62.

Vroom (VRM)

Vroom shares rose after it announced the company is laying off 275 employees, about 20% its staff, or 275 employees, as part of its measures to cut costs. The cuts exclude United Auto Credit, a lender which the used car retailer acquired in 2021.

Vroom anticipates $4 million in cash charges due to severance packages. It expects to save $27 million as a result of the job cuts.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube

More articles

Latest article

August Bestsellers: 29 Items That Soothed R29 Readers’ End-Of-Summer Scaries

There are Sunday scaries, and then there are August scaries. IFYKYK. Fall fashion newsletters are exciting but overwhelming. The hot weather we yearned for...

Lucid stock soars amid Saudi buyout speculation

Lucid (LCID) shares soared as much as 88% on Friday and were repeatedly halted for volatility following speculation that Saudi Arabia's Public Investment Fund...

DAVE MUSTAINE Names The One Way He Sees MEGADETH Ending Right Now

Dave Mustaine has been heading up the machine that is Megadeth...

Pot Stock Rally Burns Short Sellers for $105 Million

(Bloomberg) -- A surge in shares of cannabis companies has saddled short sellers with more than $105 million in losses this year, but that...

Dow Jones Futures: Rally Attempt Still Fighting, What To Do Now; Tesla, Nvidia Lead Stocks To Watch

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. X The...