U.S. Movers: Alcoa, Five Below, Park Electrochemical, Sears, Synnex

Mukesh Buch
10 Jan, 2014
New York City

Alcoa net swung to a loss of $2.34 billion and pleaded guilty to a criminal charge and agreed to pay $384 million in penalties. Five Below declined on outlook. Sears Holdings tumbled after forecasted adjusted loss in quarter and for year. Synnex net dropped 5%.

[R]11:55 AM New York – Alcoa net swung to a loss of $2.34 billion and pleaded guilty to a criminal charge and agreed to pay $384 million in penalties. Five Below declined on outlook. Sears Holdings tumbled after forecasted adjusted loss in quarter and for year. Synnex net dropped 5%.[/R]

Alcoa Inc ((AA)) plunged 5.1% or 54 cents to $10.15 after the aluminum producer reported revenue in the fourth quarter ending in December dropped 5.2% to $5.59 billion.

Net income in the quarter swung to a loss $2.34 billion or $2.19 per diluted share compared to a net income of $242 million or 21 cents per share year ago earlier.

Revenue for the year dropped to $23 billion from $23.7 billion a year ago. The company reduced its total debt from $8.3 billion in 2013 to $8.8 billion in 2012.

Alcoa posted a steep quarterly $1.7 billion impairment charge and said its venture with Alumina will pay $400 million to resolve bribery charges in Bahrain.

Alcoa pleaded guilty to a criminal charge and agreed to pay $384 million in penalties to end investigations by the Department of Justice and the Securities and Exchange Commission regarding bribery allegations made by a Bahraini for certain legacy alumina contracts with Aluminium Bahrain (Alba).

Five Below Inc ((FIVE)) declined 6.6% or $2.87 to $40.72 after the retailer said net sales for nine week period ending on January 4 climbed 25.4% to $185.3 million while comparable store sales for this period decreased by 0.5%.

The company expects net sales for the fourth quarter in the range of $208 million to $210 million and comparable store sales to drop between -1.5% and -0.5% and net income in the range of $23.3 million to $24.3 million with diluted earnings per share between 43 cents and to 45 cents.

Park Electrochemical Corp ((PKE)) dropped 3.3% or 91 cents to $26.33 after the integrated circuits maker said net sales in the third-quarter ending on December 1 fell 3.9% to $39.7 million.

Net earnings and diluted earnings per share in the quarter were flat at $4.72 million or 23 cents per diluted share compared to year ago period.

Sears Holdings Corp ((SHLD)) tumbled 14.5% or $6.14 to $6.20 to $36.41 after the specialty retailer expects a hefty loss in the fourth quarter and full-year following a disappointing holiday season and expects to report a fourth-quarter adjusted loss of $2.01 to $2.98.

The retailer forecasted adjusted loss for the year between $811 million and $914 million or $7.64 to $8.61 per share.

Synnex Corporation ((SNX)) plummeted 10.8% or $7.04 to $58.03 after the computer peripherals retailer reported revenue in the fourth-quarter ending in November climbed 10.6% to $3.06 billion.

Net income in the quarter fell 4.9% to $41.5 million or $1.10 a diluted share compared to $43.6 million or $1.16 per share year ago earlier.