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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

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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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