NEW YORK (
global smelting capacity will be reduced by 12% after the company said it would close an aluminum smelter in Tennessee and some operations at a Texas facility.
Alcoa said it would record fourth-quarter restructuring charges of $155 million to $165 million. The aluminum maker is scheduled to release fourth-quarter earnings on Monday in the unofficial kick-off of earnings season for
The shares were falling 2.6% to $9.12 in premarket trading.
Bank of America
shares rose almost 9% on Thursday to $6.31 on speculation that more
from the federal government could be on the way, but it appears now that won't be the case.
In other news, the lender may face a large charge if
€7.5 billion rights issue fails, according to
The Wall Street Journal
. Bank of America and
of Italy, the two main underwriters in the sale, agreed to buy 10% of the offering should it fail completely, the
reported, citing anonymous sources.
The stock was dropping 1.3% to $6.23 in premarket trading.
announced plans to open a new research lab in Silicon Valley early this year. The lab, which the company said will aid Ford's "expansion beyond the traditional automaker mindset to drive innovation for a better mobility experience," will be the company's first dedicated research and development office on the West Coast.
The Dearborn, Michigan-based company didn't say how many people it plans to hire, but hinted that it would be a smaller operation.
"The number of Ford employees at its new lab will be comparable to what you expect of a startup, with an emphasis on quality over quantity," according to a company statement.
The shares were rising 0.5% to $11.65 in premarket trading.
is expected Friday by analysts to report roughly flat December same-store sales.
On Thursday, big-box retailers, such as
, noted lackluster performance in consumer electronics, which doesn't bode well for Best Buy's comparable sales.
ceased talks to sell its OneMain consumer-lending subsidiary after failing to reach an agreement with a group of potential buyers, according to the
The lender and potential buyers Centerbridge Capital Partners,
agreed to end negotiations, but may open them again once the credit markets improve, the newspaper said, citing anonymous sources.
Citibank shares were rising 0.5% to $28.65.
RF Micro Devices
warned of a revenue shortfall in its fiscal third quarter.
The company now said it sees revenue of $225 million for the period ended in December, 10% below the current average estimate of analysts polled by Thomson Reuters for revenue of $250.2 million. It blamed weaker-than-expected sales of 2G components to China-based customers for entry-level handsets, among other things.
The shares were tumbling 19% to $4.57.
earned 68 cents a share in the latest quarter, in line with estimates. But revenue of $2.15 billion was below analysts' views of $2.17 billion, and a same-store sales rise of 4.1% was shy of estimates.
-- Written by Joseph Woelfel and Kaitlyn Kiernan
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