Late Movers: Alcoa picks up traction after-hours on swing to 4Q profit

Other stocks moving include Aurora Cannabis, Goldman Sachs, Ford, Bank of America, Sears, Snap and merger target First Data

Snap shares were hit hard in pre-market trade

Alcoa (NYSE:AA) rose in after-hours trade after the global aluminum supplier swung to a profit in the fourth-quarter. Alcoa earned $43 million, or $0.23 per share, up from a loss of $196 million, or $1.06 per share in the year-ago quarter. News of its quarterly rebound followed its stock taking a hit after the US Senate fell short of the votes required to obstruct President Donald Trump’s move to ease sanctions on a key competitor United Co. Rusal, the Russian aluminum producer.

Shares of Alcoa added 0.55% to $29.14 after the closing bell.

Aurora Cannabis Inc (NYSE:ACB) tumbled after embarking on a $250 million convertible debt offering. The company added that it intends to grant to the initial purchasers of the notes an option to buy up to an additional $37.5 million aggregate principal amount. 

The stock dropped 7.5% to $6.78 in after-hours trading in New York.

READ: Goldman Sachs falls after Morgan Stanley downgrade over Malaysian fund probe

Goldman Sachs Group Inc (NYSE:GS) led banks higher and was the best performer among the blue-chips after reporting fourth-quarter profit of $2.54 billion, or $6.04 a share and beating the estimates of Wall Street analysts. The firm reported revenue of $8.1 billion, above the average estimate of $7.78 billion.

The stock rallied 9.5% to $197.08.

Bank of America Corp (NYSE:BAC) advanced, posting a record quarterly profit following the federal tax cuts. The company reported a tripling in profit in the fourth quarter to $7.3 billion. Even without the tax cuts, profit still increased by 39%. The bank also said it bought back $26 billion in stock.

Shares of Bank of America added 7.16% to $28.45.

!Sears Holdings Corp (OTCMKTS:SHLDQ) rallied after the beleaguered retailer agreed to a $5 billion deal with Chairman Eddie Lampert. The agreement keeps 400 stores in operation.

Shares of Sears rose 55.76% to $0.77 on the OTC Markets.

Accenture Plc (NYSE:ACN) climbed after Citigroup Inc (NYSE:C) upgraded the information technology company to Buy from Neutral, saying a more defensive strategy for the sector is appropriate.

The stock edged up nearly 1% to $147.88.

Snap Inc (NYSE:SNAP) shares tumbled as the social media company said that Chief Finance Officer Tim Stone was resigning to pursue other opportunities after joining the group last May. It’s the latest in a series of departures at the company. In November, Nick Bell, president of content, left. In addition, Snap said it expected fourth-quarter results to come in near the top end of guidance when it delivers its results February 5.

The stock was down 13.8% to $5.64 on Wednesday.

First Data Corp (NYSE:FDC) climbed after Fiserv Inc (NASDAQ:FISV) agreed to acquire the tech firm based in Atlanta in an all-stock deal with an equity value of $22 billion. The combined entity would have a significant presence in payment systems and financial technology.

Shares of First Data added 21% to $21.24 while Fiserv was down 3.3% at $72.57.

Nordstrom Inc (NYSE:JWN), the department store chain, headed south after expecting full-year fiscal 2019 earnings to be around the low end of guidance of between $3.27 and $3.37 per share. The company cited a holiday shopping season that was below expectations.

The stock fell 4.76% to stand at $45.01.

Ford Motor Company (NYSE:F), the car maker, took a tumble after providing an earnings forecast for the fourth quarter that missed Wall Street’s expectations. The second-biggest auto manufacturer in the US posted preliminary profit for 2018 of $1.30 a share, which fell shy of analysts’ consensus call for $1.32. Ford is reportedly side-stepping the market for sedans in the US in favor of SUVs. The company is also developing self-driving and electric cars.

The stock shed 6.22% to US$8.29.

United Continental Holdings Inc (NASDAQ:UAL) flew higher after its fourth-quarter results beat recent airline gloom. Earnings per share came in at $2.41, beating consensus estimates of $1.86. Revenue was $10.49 billion for the quarter ended December 2018, which beat the consensus estimate.

Shares of United Continental Holdings added 6.35% to $86.36.

Contact Dennis Fitzgerald at [email protected]

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