Shares of Alcoa Inc. (NYSE:AA) surged more than 5 percent in late trading. The alumina giant reported better-than-expected first-quarter earnings. The company reported adjusted net income of 10 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 5 cents per share. It also beat the average revenue estimate of $5.77 billion.
Best Buy Co. (NYSE:BBY) shares jumped 1.3 percent after the closing bell. The WSJ reports that CEO Brian Dunn resigned on Tuesday due to ‘personal conduct’ issues. “Certain issues were brought to the board’s attention regarding Mr. Dunn’s personal conduct, unrelated to the company’s operations or financial controls, and an audit committee investigation was initiated,” the company said in a statement. “Prior to the completion of the investigation, Mr. Dunn chose to resign.”
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Hewlett-Packard Co. (NYSE:HPQ) shares edged .47 percent higher in extended trading. The company was the only blue-chip to close higher on Tuesday. Hewlett-Packard announced a new tool that will allow companies to access computing power over the internet as an alternative to buying expensive servers. The move takes direct aim at Amazon.com Inc. (NASDAQ:AMZN) in the cloud computing sector.
Despite closing 1.22 percent lower on Tuesday, shares of Apple Inc. (NASDAQ:AAPL) edged .45 percent higher in late trading. The tech giant reached a new high of $644 on Tuesday and also reached a market cap of $600 billion for the first time. It is only the second company to ever break the $600 billion market cap level after Microsoft (NASDAQ:MSFT) did so in December 1999.
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