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Stock Market & Financial Investment News

News Breaks
August 14, 2014
10:36 EDTM, HSNI, JCP, MSOEarnings Preview: Analyst sees J.C. Penney reporting positive Q2 comps
J. C. Penney (JCP) is scheduled to report second quarter earnings after the market close on Thursday, August 14, with a conference call scheduled for 4:30 pm ET. J.C. Penney operates about 1,100 retail stores and jcp.com. EXPECTATIONS: Analysts are looking for a loss per share of (93c) on revenue of $2.79B, according to First Call. The consensus range for EPS is ($1.13)-(65c) on revenue of $2.71B-$2.86B. LAST QUARTER: J. C. Penney reported first quarter EPS of ($1.16), against estimates for ($1.25), on revenue of $2.8B, against estimates for $2.71B. Comparable store sales increased 6.2% for the quarter. The retailer forecast Q2 SSS up in the mid single digits and said the gross margin would improve sequentially against the prior year period. For fiscal year 2014, J.C. Penney forecast same-store sales up in the mid-single digits with gross margin up "significantly" versus the prior year. On its Q1 earnings conference call, the company said that it expected to be cash flow neutral this year and that it sees working capital as a source of funds in 2014. NEWS: Shopper visits to physical stores, not specifically J.C. Penney but all U.S retailers, fell by nearly 7% in June and nearly 5% in July, according to data firm ShopperTrak, reported The Wall Street Journal. The report noted that physical store visits have fallen by 5% or more from a year earlier in every month for the past two years in the U.S. The WSJ also reported that Mindy Grossman, CEO of HSN (HSNI), was considered the lead candidate for J.C. Penney Chief Executive Officer Myron Ullman's position. Grossman had been in talks with J.C. Penney but could not agree on terms and negotiations broke down "months" ago, the Journal added in its July 13 report. During the quarter, J.C. Penney appealed a New York state court decision that ruled the company interfered with a contract between Macy's (M) and Martha Stewart (MSO) by selling the celebrity's home products. STREET RESEARCH: Craig-Hallum upgraded J.C. Penney shares to Hold from Sell earlier this week. The research firm expects the Q2 report to reflect better than expected comps from a stronger inventory position and improving vacancy rates in its malls, but remains cautious longer-term given gross margin pressures from outsized e-commerce growth. Piper Jaffray believes a turnaround is "very much underway" at the retailer and says the company is on a path to reclaim $2B-$3B of its $6B revenue loss following a change in management. The firm sees positive comps in Q2 and the second half of 2014, it stated in a report published July 31. PRICE ACTION: Since the day after its last earnings report, J. C. Penney shares are up about 12.5%. In morning trading today ahead of tonight's Q2 report, J. C. Penney's stock is up 0.5% to $9.40.
News For JCP;M;MSO;HSNI From The Last 14 Days
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April 15, 2015
11:09 EDTJCPJ.C. Penney rally would be opportunity to issue shares, says Imperial Capital
Imperial Capital continues to expect elevated debt levels to erode the value of J.C. Penney shares, but it thinks favorable operating momentum could drive the stock price above $10. Imperial believes such a rally would provide Penny with a "great opportunity" to issue additional shares to pay down debt. The firm keeps an Underperform rating on Penny with a $3 price target. Shares of the retailer are up 9c to $9.23 in late morning trading.
April 14, 2015
11:47 EDTJCPJ.C. Penney business on 'more stable footing,' says Baird
Baird analyst Mark Altschwager says J.C. Penney's business is on "more stable footing" after the retailer reported a quarter-to-date comp of 6% and provided Q1 comp guidance above consensus. Altschwager raised his price target for shares to $10 from $9 but keeps a Neutral rating on Penny. He believes meaningful free cash flow growth will be challenging as investment needs normalize.
08:55 EDTJCPJ.C. Penney sees Q1 SSS up 3.5%-4.5%
J.C. Penney said in a regulatory filing that on April 13, the company became aware that a senior official of the company inadvertently sent an e-mail communication to a securities analyst that contained non-public information regarding the company’s comparable store sales results for Q1 to date, which are approximately 6%. Based on results to date, and taking into account the shift of Easter into the fiscal month of March this year, the company currently expects comparable store sales for Q1 to be in the range of 3.5%-4.5%.
April 13, 2015
06:22 EDTJCPGap, Target, others scrutinized by NY AG over staffing practices, WSJ says
Several major retailer including Gap (GPS) and Target (TGT) are under investigation by New York Attorney General Eric Schneiderman over their staffing practices and whether they require workers to show up or stay home with little notice, The Wall Street Journal reports. Schneiderman sent letters warning Abercrombie & Fitch (ANF), JC Penney (JCP), Urban Outfitters (URBN), TJX Cos (TJX), Ann Inc (ANN), L Brands (LB), Burlington Stores (BURL), Sears Holdings (SHLD), Williams-Sonoma (WSM) and J Crew Group that he believes the chains are using on-call scheduling and that such practices may be in violation of New York laws. Reference Link
April 10, 2015
10:00 EDTMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bemis (BMS) upgraded to Buy from Neutral at BofA/Merrill... Gigamon (GIMO) upgraded to Outperform from Market Perform at William... Global Payments (GPN) upgraded to Overweight from Equal-Weight at First Analysis... Knight Transportation (KNX) upgraded on valuation, catalysts at Stifel... Macy's (M) upgraded to Buy from Neutral at Buckingham... Netflix (NFLX) upgraded to Buy from Neutral at Citigroup... Reckitt Benckiser (RBGLY) upgraded to Buy from Neutral at UBS... Union Pacific (UNP) upgraded on valuation, growth outlook at Stifel... Weatherford (WFT) upgraded to Outperform from Sector Perform at RBC Capital.
08:24 EDTMMacy's upgraded at Buckingham
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07:51 EDTMMacy's upgraded to Buy from Neutral at Buckingham
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April 9, 2015
09:18 EDTM, JCPBofA/Merrill retail analysts hold an analyst/industry conference call
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April 6, 2015
14:48 EDTMMacy's management to meet with JPMorgan
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