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Stock Market & Financial Investment News

News Breaks
May 15, 2014
12:48 EDTMSO, PVH, M, JCP, CBLEarnings Preview: Analyst sees J.C. Penney posting positive quarterly SSS
J. C. Penney Company (JCP) is scheduled to report first quarter earnings after the market close on Thursday, May 15, 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 ($1.25) on revenue of $2.71B, according to First Call. The consensus range for EPS is ($1.50)-(95c) on revenue of $2.62B-$2.77B. LAST QUARTER: J. C. Penney reported fourth quarter adjusted EPS of (68c), against estimates for (85c), on revenue of $3.78B, against estimates for $3.85B. Comparable store sales increased 2% for the quarter. The retailer forecast Q1 SSS up 3%-5% and said the gross margin would improve against the prior year period. For fiscal year 2014, J.C. Penney forecast SSS up in the mid-single digits with gross margin up slightly vs. the prior year. On its Q4 earnings conference call, the company said the most challenging part of its turnaround was "behind us" and said gross margin improvement would be stronger in the second half of 2014. NEWS: During the quarter, PVH Corporation (PVH) stated at a retail conference hosted by Nomura that it feels its business at J.C. Penney is strong and running "ahead of time." PVH's Chairman and CEO Manny Chirico said he expects more positive results from its brands at J.C. Penney and the company is encouraged by everything it has seen over the last 4 to 5 months at the retailer. During a business update held in April, CBL & Associates Properties (CBL), a real estate investment trust that operates regional shopping malls and other properties, said that it expects that "at some point" there will be more closures of J.C. Penney locations within its portfolio. CBL believes that the pace of any J.C. Penney closures will "be measured." In an interview with CNBC, J.C. Penney director and former Saks CEO Steve Sadove said he doesn't believe CEO Mike Ullman will stay long-term. Sadove also commented that there's "not a chance" he will become the CEO of J.C. Penney. The retailer also commented that the final resolution of its legal fight with Macy's (M) over Martha Stewart (MSO) will not have a material adverse effect on its financial position, results of operations, capital resources or liquidity. STREET RESEARCH: During the quarter, J.C. Penney was upgraded to Buy from Neutral at Citigroup. The firm believes the retailer can post positive SSS in line with FY14 guidance. Shares were also upgraded to Neutral from Sell at UBS, and upgraded to Market Perform from Underperform at Wells Fargo. PRICE ACTION: Shares are up over 40% since reporting Q4 results. In intra-day trading today ahead of the Q1 report, J. C. Penney's stock is down over 4% to $8.24.
News For JCP;PVH;CBL;M;MSO From The Last 14 Days
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April 27, 2015
08:21 EDTPVHBofA/Merrill retail/consumer analysts hold analyst/industry conference call
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April 24, 2015
15:10 EDTJCPJ.C. Penney May volatility elevated into Q1 and outlook
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April 23, 2015
14:36 EDTMMacy's CEO says sees more discretionary spending in the future
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07:44 EDTPVHSenate Foreign Relations Committee to hold a hearing
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April 22, 2015
10:02 EDTMMacy's partners with Heidi Klum for exclusive collection
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April 21, 2015
09:03 EDTMSOMartha Stewart, Staples announce multi-year strategic collaboration
Martha Stewart Living Omnimedia (MSO) and Staples (SPLS) announced a new, multi-year strategic direct retail collaboration for the manufacture and distribution of Martha Stewart Home Office products. The assortment will be available at more than 1100 Staples retail stores and online, and will include a wide array of home organizing and home office products across multiple categories, including: stationery and paper products, office essentials and tools, personal technology accessories, and storage and organization products. The new Martha Stewart Home Office products will be available exclusively at Staples’ stores nationwide, Staples.com and Quill.com beginning November 2015.
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%.

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