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Stock Market & Financial Investment News

News Breaks
May 16, 2014
12:19 EDTKSS, JWN, M, JCPJ.C. Penney soars following better than expected Q1 results
Shares of retailer J.C. Penney (JCP) are rising after reporting better than expected first quarter results. WHAT'S NEW: Last night, J.C. Penney reported Q1 earnings per share of ($1.16) and revenue of $2.8B, topping consensus views of ($1.25) and $2.71B, respectively. The company’s Q1 same store sales increased 6.2%. WHAT’S NOTABLE: J.C. Penney forecast Q2 SSS up mid-single digits, while Q2 gross margin was expected to improve sequentially. For FY14, the company expects SSS up mid-single digits, while gross margin is seen improving significantly year over year. The company also announced it obtained a $2.35B senior secured ABL credit facility to replace its existing $1.85B ABL bank line, which matures in April 2016. ANALYST REACTION: This morning, analyst commentary was mixed. Deutsche Bank raised its price target on J.C. Penney to $10 from $6 citing the company's "very impressive" Q1 results. The firm noted the quarter had the easiest same-store-sales comparison of the year, and it kept a Hold rating on the stock. Contrarily, Credit Suisse remained cautious on J.C. Penney. Credit Suisse said it was encouraged by J.C. Penney's progress, but remained cautious on the shares given the difficulty in predicting consistent profitability in the challenging lower-end retail environment. Shares were Underperform rated with a $7 price target. PRICE ACTION: In early afternoon trading, J.C. Penney gained $1.18, or about 14%, to $9.55 on heavy trading volume. Despite today’s advance, the stock has lost approximately 49% over the past twelve months. OTHERS TO WATCH: Others in the retail space include Nordstrom (JWN), Kohl’s (KSS), and Macy’s (M).
News For JCP;JWN;KSS;M From The Last 14 Days
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January 23, 2015
09:02 EDTMMacy's Sacramento fulfillment center to relocate to larger facility
Macy’s announced it plans to relocate its West Sacramento, CA, direct-to-consumer fulfillment center to a larger facility in a nearby location in Sacramento County to support continued sales growth driven by Macy’s omnichannel strategy. Contingent on approvals by the Sacramento County Board of Supervisors, Macy’s will begin operations in summer 2015 at a 385,000-square-foot facility at 6200 Franklin St., creating approximately 100 new jobs. The current 92,000-square-foot fulfillment center is located about 10 miles away at 3919 Channel Drive in West Sacramento. The current workforce of 72 associates is planned to grow to more than 175 after the move. Macy’s multi-million-dollar upgrade to the new fulfillment center will include building modifications and the latest technology in material handling equipment and warehouse management systems.
January 21, 2015
12:12 EDTJCP, MBest Buy, home retailers seen getting biggest bump from Sears demise
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06:59 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field’s, and Filene’s, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
06:52 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field's, and Filene's, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
January 20, 2015
09:44 EDTMSupreme Court denies appeal of 'swipe fee' ruling, Reuters reports
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06:22 EDTJCPJ.C. Penney to bring back 120-page catalog, WSJ reports
J.C. Penney has decided to resurrect its catalog in the form of a 120-page book that will mark the first catalog the chain has sent out since 2010, The Wall Street Journal reports. The retailer, which quit the catalog amid a broader pullback caused by the recession and the rise of e-commerce, now believes the catalog can help drive web sales. Reference Link

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