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Stock Market & Financial Investment News

News Breaks
November 9, 2012
12:26 EDTDIS, JCP, GRPN, KYAK, PCLN, ZIP, LGF, SCLN, STRAOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as positive economic data in the U.S. and China temporarily distracted investors from worrying over political deadlock getting in the way of progress. The averages opened lower but two economic reports issued near 10 am ET provided a catalyst for a bounce. The averages moved into positive territory ahead of House Speaker John Boehner’s speech on tackling the fiscal cliff crisis and the averages stood near session highs around noon... ECONOMIC EVENTS: In the U.S., import prices rose 0.5% in October from the prior month, versus expectations for them to be flat. Export prices in October were unchanged. The preliminary University of Michigan consumer sentiment reading for November came in at 84.9, versus the expected 82.9. Wholesale inventories were reported to have increased 1.1% in September, versus expectations for an increase of 0.4%. Also, the Congressional Budget Office estimated that going over the fiscal cliff would cut U.S. economic output by about 3%, driving the nation back into recession next year. In Europe, French industrial production fell 2.7% in September from August and the Bank of France warned its economy, Europe’s second-largest, may be poised to tip into recession. In China, factory output rose 9.6% in October from a year earlier, beating expectations, and inflation unexpectedly cooled to the slowest pace in 33 months... COMPANY NEWS: Three well known brand names were down after their companies' quarterly reports: Disney (DIS), J.C. Penney (JCP) and Groupon (GRPN). Disney was the Dow Industrial average's worst performer, falling nearly 6%, after its earnings were in-line with consensus but revenues were lighter and Janney Capital downgraded the stock to a Neutral rating. J.C. Penney shares slid about 6% as well after it reported a worse than expected loss and said same store sales dropped 26.1%, making for its third straight quarter of losses and double digit sales declines. Groupon's stock was hardest hit, plunging 27% in midday trading, after it was downgraded by at least four firms and price targets were lowered at several others following the company's disappointing Q3 results and Q4 guidance... MAJOR MOVERS: Among the notable gainers was Kayak Software (KYAK), which jumped 27% after agreeing to be acquired by Priceline.com (PCLN) in a stock and cash transaction equivalent to $40 per share of Kayak stock. Shares of Priceline advanced fractionally after the deal announcement. Advancers after their earnings reports included Zipcar (ZIP), which jumped over 21%, and Lions Gate Entertainment (LGF), which rose almost 13%. Among the noteworthy losers were SciClone (SCLN), down 24% after cutting its 2012 adjusted earnings view, and Strayer Education (STRA), down 16% after its full-year earnings outlook was well below consensus estimates and the company suspended its dividend... INDICES: Near noon, the Dow was up 65.43, or 0.51%, to 12,876.75; the Nasdaq was up 30.87, or 1.07%, to 2,926.45; and the S&P 500 was up 12.46, or 0.90%, to 1,389.97.
News For DIS;JCP;GRPN;KYAK;PCLN;ZIP;LGF;SCLN;STRA From The Last 14 Days
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October 8, 2014
12:25 EDTJCPOn The Fly: Midday Wrap
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12:04 EDTJCPJ.C. Penney now sees Q3 SSS in low single digit range
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12:04 EDTJCPJ.C. Penney announces growth initiatves for 2015-2017
At its 2014 analyst meeting in New York City today, J. C. Penney Company presented its plans for restoring sustainable profitable growth at the Company over the next three years."JCPenney is in a far stronger position today than it was when we began our turnaround effort 18 months ago. While we recognize that there's more work to be done in a highly competitive retail environment, I couldn't be more encouraged by the significant progress our teams have made in such a short amount of time," said Myron E. Ullman, III, CEO. "I am confident that the initiatives we are putting in place will fuel new growth and earn greater customer loyalty as we pursue our vision to become the preferred shopping choice for Middle America." The Company is focused on attracting a new and younger customer by investing in popular in-store attractions that can only be found at JCPenney. To that end, the Company announced the expansion of its highly successful partnership with Sephora, as the companies have agreed to open additional Sephora inside JCPenney locations through 2017, entering new and smaller markets as the first major beauty destination in town. The Company also provided financial performance goals that include achieving $1.2 billion in EBITDA in 2017. This reflects expectations for top line improvements associated with incremental growth potential, as well as continued market share gains in its underlying business, which represents a $3.5B sales opportunity. Of that amount, the Company conservatively expects to realize approximately $2B in incremental sales over the next three years, resulting in mid-single digit sales growth during that period.
11:41 EDTJCPJ.C. Penney says store base count 'roughly' where it needs to be
Says evaluating stores to see if EBITDA accretive. Says "disciplined" regarding promotions. Says won't risk margin over promotions. Says Apple (AAPL), Samsung (SSNLF), Amazon (AMZN) taking "chunk" out of consumer spending. Sees returning to 37%-39% gross margins over time.
11:10 EDTJCPOptions with increasing implied volatility
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11:10 EDTJCPJ.C. Penney says succession planning remains 'top priority'
Sees SG&A dollars "roughly flat" over next three years. Sees CapEx averaging $250M-$300M per year.
11:06 EDTJCPJ.C. Penney says expects to be free cash flow positive in FY14
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11:05 EDTJCPJ.C. Penney falls 6%, halted for circuit-breaker after providing guidance
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11:03 EDTJCPJ.C. Penney now sees Q3 SSS up low single digits vs. previous guidance
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11:01 EDTJCPJ.C. Penney says has seen slow down in sales in September
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11:00 EDTJCPJ.C. Penney reaffirms all FY guidance metrics
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10:59 EDTJCPJ.C. Penney sees $14.5B in total sales by 2017
CFO Ed Record says focused on restoring profitability. Says since 4Q13, has had three straight quarters of sales growth. Sees opportunities to improve SG&A and gross margin. Sees $3.5B sales growth opportunity over next three years: Sees continued share growth a $1M opportunity over three years, center core a $1M opportunity, home store a $750M opportunity, omnichannel a $800M opportunity. Sees $1.2B EBITDA growth opportunity over next three years. Sees sales growth in mid single digits through 2017. Free cash flow over next three years "at least" $600M. Comments made at J.C. Penney's Analyst Day.
10:33 EDTJCPJ.C. Penney says seeing "significant" shift to mobile
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10:25 EDTJCPJ.C. Penney says home is $750M growth opportunity
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09:20 EDTDIS, JCPJ.C. Penney says will expand Disney stops in stores to 680 from 500
09:20 EDTDIS, JCPJ.C. Penney CEOsays will open more Sephora shops in store
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09:20 EDTJCPOn The Fly: Pre-market Movers
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09:05 EDTLGFLionsgate partners with Doritos, Mazda and Whole Foods Market for new film
Lionsgate (LGF) announced that PepsiCo's (PEP) Doritos, Mazda and Whole Foods Market's (WFM) Whole Planet Foundation will partner with the studio for the film The Hunger Games: Mockingjay – Part 1 which opens in theaters worldwide on November 21.
08:18 EDTJCPJ.C. Penney CEO Ullman says customers remain cautious
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07:13 EDTDISHulu may cut number ads on Hulu Plus, NY Post reports
Hulu (FOXA, DIS, CMCSA) CEO Mike Hopkins is looking to cut back on the number of ads that appear on Hulu Plus, reports the New York Post. According to an executive close to the company, Hulu and its partners are “always looking at a variety of ways to create the best possible experience for our viewers and advertisers including reducing the ad load." Reference Link
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