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U.S. Movers: Alcoa, DCP Midstream Partners, Ford, General Motors, UniFirst

Author: Mukesh Buch
Last Update: 2:00 AM ET January 04 2017

2:10 PM New York – Alcoa estimated $121 million restructuring charges linked international operations. DCP Midstream Partners acquired assets of Phillips 66 and Spectra Energy. Ford reported record annual sales in a decade and GM sales increased 3.6% in December.

Tollbooth Index increased 80.40 or 0.7% to 11,220.98.

Earnings Review

Alcoa Corporation (AA) jumped 3.4% or 97 cents to $29.80 after the aluminium producer forecasted to book restructuring charges in the fourth-quarter of about $90 million from the closure of its alumina refinery and bauxite mines in Suriname.

Alcoa also record $31 million impairment charges for its stake in gas field in Western Australia and said its exploration activities are no longer supporting the value.

DCP Midstream Partners, LP (DPM) slumped 4.5% or $1.74 to $36.85 after the natural gas pipeline services producer acquired assets of a joint venture of Phillips 66 and Spectra Energy Corp to “simplify the corporate structure,” Wouter van Kempen, chief executive of DCP Midstream said.

DCP Midstream LP, the company after the merger is estimated at $11 billion, with ticker symbol of DCP and will be listed on the New York Stock Exchange.

Under the terms, DCP Midstream LLC will pay $424 million in cash to DCP Midstream Partners and get 31.1 million DPM units.

Ford Motor Company (F) jumped 4.3% or 55 cents to $13.14 and the automaker reported best annual sales in a decade in 2016 totaling 2,614,697 vehicles.

Total vehicles sales in December rose 0.3% to 239,854 while passenger cars sales declined 11.7% to 51,205 units but SUV sales jumped 5.4% to 76,766 units and truck sales increased 3.2% to 111,883 units.

Fusion sales plunged 25.2% to 19,132 units and Focus sales dropped 6.9% to 10,242 units. Lincoln sales in December soared 17.8% to 12,791 units but Ford brand sales fell 0.6% to 227,063 units.

Average transaction price increased 3% to $39,160.

“December marked best retail performance since 2004, with average transaction prices increasing $1,600 for the month, $1,000 more than the industry average,” said Mark LaNeve, Ford vice president, U.S. Marketing, Sales and Service.

General Motors Company (GM) soared 4.9% or $1.74 to $36.90 after the automaker said retail sales in December increased 3.4% and total sales jumped 10%.

GM said sales in Chevrolet surged 12.8% to 212,959 units and sales in GMC segment advanced 5.8% to 63,415 units, Buick unit gained 2.8% to 21,288 units and Cadillac brand increased 3.2% to 21,446 units

GM''''s average transaction price increased 1.7% to $40,749 compared to the same month a year ago.

UniFirst Corp (UNF) plunged 8.2% or $11.60 to $133.55 after the workplace uniforms provider said revenues in the first-quarter ending on November 26 jumped 3.4% from a year ago to $386.1 million.

Net income in the quarter declined 21.4% to $28.2 million or $1.38 per diluted share compared to $35.9 million or $1.78 per share in the same quarter last year.

“At this time, we continue to expect revenues in fiscal 2017 between $1.55 billion and $1.57 billion and diluted earnings per share between $4.85 and $5,” said president and chief executive officer Ronald D. Croatti.

However, earlier the uniforms provider forecasted diluted earnings per share in the full-year in the range of $5 to $5.15.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc