Stocks moving in after hours: Alcoa, Discover, Vroom

Alcoa (AA)

Alcoa shares fell in after hours on weaker-than-anticipated demand this 12 months. The U.S. based aluminum producer expects between 2.5 million and a pair of.6 million metric tons of shipments this 12 months. That got here in wanting the consensus analyst estimates to ship a mean of two.65 million tons of aluminum.

The value of the lightweight metal fell around 15% in 2022 amid declining vehicle and appliance demand, particularly within the fourth quarter of last 12 months.

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 got here in at $581 million versus estimates of $554.7 million. Discover anticipates an increase in net charge-offs between 3.5%-3.9% in 2023, versus expectations of two.8%.

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

Vroom (VRM)

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

Vroom anticipates $4 million in money charges as a consequence of severance packages. It expects to avoid wasting $27 million because of this of the job cuts.

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

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