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MARKET UPDATE: Clearwire (CLWR), Alcoa (AA) Shares Soar in After-Hours; Seagate Tech Lifts Sales Outlook

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SHARES of aluminum manufacturer Alcoa Inc. rose on Tuesday evening after the company offered a positive demand outlook, and shares of wireless broadband operator Clearwire Corp. rose after it received an acquisition bid.

A higher forecast in sales forecast stimulated an increase in shares of Seagate Technology.

Alcoa (AA 0.1 pct) earned 0.8 pct to $9.19 in large volume as the firm targeted growth of 7.1 percent in worldwide aluminum demand for 2013.

Alcoa’s adjusted earnings were $0.06/share for the firm’s Q4, meeting analysts’ estimate surveyed by Fact Set.

Alcoa’s revenue dipped two percent, from $5.99 billion to $5.89 billion a year earlier, but the output from its recent period was stronger compared to the $5.57 billion forecast by Wall Street.

Alcoa hit a profit of $241 million, or $0.21/share, with its most recent results showing Alcoa’s cost-cutting move. The company lost $192.8 million a year ago, and it is the first DJIA component to post results for Q4 earnings season.

Shares of Alcoa ended the regular session flat at $9.11 and wrapped up 2012 with an earnings of 1.8 percent.

DISH TO BUY CLWR

Meanwhile, Clearwire (CLWR +8.57 pct) stock was pushed nearly 8 percent higher to $3.16 after coming off a trade pause.

Dish Network Corp. (DISH -1.01 pct) offered to acquire Clearwire to the tune of $5.16 billion.

The offer beats Sprint Nextel Corp.’s (S +0.16 pct) bid worth $2.3 billion to purchase 50 percent of Clearwire. Shares of Sprint plunged 2.8 percent to $5.81 in late trading. Shares of Dish remained steady at $35.98.

Shares of Seagate advanced 2.8 percent to $32.26 as the firm elevated its sales outlook for Q2. The company said it expects to post sales of around $3.5 billion.

The hard-disk manufacturer had forecast revenue of $3.6 billion. Analysts polled are expecting for a $3.53 billion in sales.

About Chris Miranda

Chris writes mostly about the latest in the stock market, finance, tech and business.
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