Wednesday's Late Winners & Losers

Stocks were mostly sagging after the closing bell Wednesday, in reversal from the major indices' upside finish, but aluminum maker Alcoa (AA Quote) bucked the trend after it issued blazing fourth-quarter results.

Mostly due to a huge tax benefit, the Pittsburgh-based company posted a continuing-operations profit of $632 million, or 74 cents a share, compared with last year's 30 cents a share. Excluding the benefit, income came to 36 cents a share -- 3 cents ahead of the average analyst estimate from Thomson Financial.

Revenue slipped 5.8% year over year to $7.39 billion, but that's still substantially higher than the $6.92 billion consensus. Shares were adding $1.18, or 3.8%, to $32.43 in recent late trading.

Fellow Pittsburgh concern American Eagle Outfitters (AEO Quote), a teen-apparel retail chain, was also gaining ground despite joining some other retailers in lowering its fourth-quarter forecast because of poor store-traffic trends.

American Eagle now pegs its earnings outlook at 64 cents to 65 cents a share, down at least 2 cents from the prior range. Analysts are seeking 68 cents a share. December same-store sales fell 2% vs. a year earlier, though that's in line with Wall Street expectations. Shares were adding 4.8% to $18.57 after the close.

But Men's Wearhouse (MW Quote), a men's suit retailer, wasn't so lucky after it chopped far more from its own fourth-quarter profit projections. Shares were plunging 14.5% after the Houston-based company said it now expects to make just 16 cents to 18 cents a share on a GAAP basis -- down sharply from the prior range of 43 cents to 48 cents a share.