New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 15, 2014
12:48 EDTJCP, PVH, CBL, M, MSOEarnings 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
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent news | >>
October 23, 2014
08:41 EDTMBuild-A-Bear partners with Macy's to open shop-in-shop locations for holidays
Subscribe for More Information
October 17, 2014
16:55 EDTJCPStocks end volatile week lower amid oil price plunge
Subscribe for More Information
October 16, 2014
16:30 EDTMSOOn The Fly: Closing Wrap
Subscribe for More Information
October 15, 2014
18:26 EDTMSOOn The Fly: After Hours Movers
Subscribe for More Information
16:38 EDTMSOMartha Stewart up nearly 15% following licensing deal with Meredith Corp.
Subscribe for More Information
16:07 EDTMSOMeredith secures rights to license Martha Stewart Living Magazine, website
Meredith Corporation (MDP) announced that it has entered into an agreement with Martha Stewart Living Omnimedia (MSO) to acquire the rights to Martha Stewart Living and www.marthastewart.com pursuant to a 10-year licensing agreement. Under the terms of the agreement, Meredith will lead sales and marketing, circulation, production, and other non-editorial functions of Martha Stewart Living and Martha Stewart Weddings magazines. Martha Stewart Living Omnimedia's editorial team will continue to create its highly regarded content. Additionally, Meredith will assume responsibility for the sales and marketing of www.marthastewart.com and www.marthastewartweddings.com and its related assets, including its vast video library. The agreement, which applies to the United States and Canada, is effective November 1. The agreement will not have a material effect on Meredith's FY15 Q2 financial performance, but will be accretive to Meredith's earnings for the second half of fiscal 2015 and in FY16.
October 14, 2014
14:17 EDTMMacy's to open 2 hours earlier for Thanksgiving this year, CNN reports
Subscribe for More Information
08:46 EDTJCPHome Depot announces resignation of Marvin Ellison as EVP - U.S. Stores
Subscribe for More Information
07:15 EDTJCPJ.C. Penney new CEO may not have expertise in right areas, says Wells Fargo
Subscribe for More Information
October 13, 2014
16:28 EDTJCPOn The Fly: Closing Wrap
Stocks on Wall Street spent most of today's quiet session see-sawing across the flat-line before dropping sharply in the final hour of trading and closing at their lows. The market opened in negative territory but soon made a move to the upside and appeared ready to break the recent market slide that has seen the S&P lose about 5% of its value. Before the averages gained significant steam, they reversed again and moved back into negative ground. The averages moved in a fairly narrow range for most of the afternoon, before accelerating to the downside with conviction in the final hour of trading. ECONOMIC EVENTS: In the U.S., no economic data of note was reported and banks and bond markets were closed in observance of the Columbus Day holiday. In China, the nation's customs administration reported a trade surplus of about $31B for September. Exports in the month increased 15.3% from a year earlier, beating expectations and making for the biggest monthly increase since February 2013. Imports rose 7%, significantly outpacing the consensus projection for a 2% decline. COMPANY NEWS: The Wall Street Journal reported that CSX (CSX) was approached by a larger rival, Canadian Pacific (CP), about a possible merger. However, Credit Suisse analyst Allison Landry wrote in a note to investors that a merger between the two would not be able to occur, due to high regulatory hurdles. Still, CSX rose $1.76, or 5.88%, to $31.70 following the Journal's report, while Canadian Pacific fell $4.40, or 2.32%, to $184.97... Shares of Fiat Chrysler Automobiles (FCAU) made their debut on the New York Stock Exchange and opened at $9 per share. The stock of the newly merged company closed trading down about 1% at $8.92... J.C. Penney (JCP) selected Marvin Ellison, who is currently executive vice president of stores at Home Depot (HD), to become its next CEO. The stock, which was also downgraded to Sell from Neutral at UBS this morning, spent much of the trading day in positive ground but moved lower late in the session and closed down 3c, or 0.42%, at $7.09. MAJOR MOVERS: Among the notable gainers was Alnylam (ALNY), which advanced $13.83, or 18.98%, to $86.68 after the company announced data from study of its treatment for patients with familial amyloidotic polyneuropathy and Piper Jaffray raised its price target on the stock to $133 from $101 citing the trial results. Among the noteworthy losers was AutoNation (AN), which fell $4.11, or 8.01%, to $47.21 after another company in the same sector, Lithia Motors (LAD), lowered its profit outlook for the third and fourth quarter and issued a lower than expected earnings forecast for fiscal 2015. Shares of Lithia, meanwhile, plunged $16.85, or 20.84%, to $64.01. Also lower were shares of GoPro (GPRO), which fell $8.38, or 9.85%, to $76.67 after a French journalist reported that the son of racing legend Michael Schumacher attributed the severity of his father's brain injury following a skiing accident on the GoPro camera mounted to his helmet. INDEXES: The Dow fell 223.03, or 1.35%, to 16,321.07, the Nasdaq dropped 62.58, or 1.46%, to 4,213.66, and the S&P 500 declined 31.39, or 1.65%, to 1,874.74.
12:16 EDTJCPOn The Fly: Midday Wrap
Stocks on Wall Street were slightly lower at midday amid light trading volume. Banks and bond markets are closed in observance of the Columbus Day holiday, though equity markets remain open. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Shares of a number of freight train operators rose after The Wall Street Journal reported that one of the companies in the sector, CSX (CSX), was approached by a larger rival, Canadian Pacific (CP), about a possible merger. Following the Journal's report, CSX rose 10% and Canadian Pacific advanced 1%, while Norfolk Southern (NSC) and Kansas City Southern (KSU) both climbed about 3%... Chrysler returned to the U.S. stock market, as shares of Fiat Chrysler began trading on the New York Stock Exchange under the symbol "FCAU." MAJOR MOVERS: Among the notable gainers was J.C. Penney (JCP), which rose 3% after the company selected Marvin Ellison, who is currently executive vice president of stores at Home Depot (HD), to become its next CEO. Also higher were Atlas Energy (ATLS), which rose 20%, and Atlas Pipeline Partners (APL), which advanced 6%, after Targa Resources Partners (NGLS) and Targa Resources (TRGP) agreed to acquire Atlas Pipeline Partners for cash and stock valued at $38.66 per APL common unit and agreed to buy Atlas Energy following the company's spin-off of its non-midstream assets. Among the noteworthy losers was Aerohive Networks (HIVE), which plunged 30% after the company lowered its guidance for the third quarter, citing weaker-than-expected order volume near the quarter's end. Also lower were shares of GoPro (GPRO), which fell over 8% after a French journalist reported that the son of racing legend Michael Schumacher attributed the severity of his father's brain injury following a skiing accident on the GoPro camera mounted to his helmet. INDEXES: Near midday, the Dow was down 32.14, or 0.19%, to 16,511.96, the Nasdaq was down 7.97, or 0.19%, to 4,268.27, and the S&P 500 was down 6.85, or 0.36%, to 1,899.28.
12:05 EDTJCPJ.C. Penney risk/reward remains balanced, says RW Baird
Subscribe for More Information
10:12 EDTJCPHome Depot bench deep, Ellison departure not surprising, says RW Baird
RW Baird said it is not surprised to see Marvin Ellison leaving Home Depot (HD) since he was likely in the running for the CEO post that went to someone else, but the firm expects a smooth internal transition and noted that it views the company's management bench as deep. Baird, which maintains its Outperform rating on Home Depot, believes J.C. Penney (JCP) is getting a strong leader with extensive retail experience in hiring Ellison.
10:08 EDTJCPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bankrate (RATE) downgraded to Equal Weight from Overweight at Stephens... CME Group (CME) downgraded to Market Perform from Outperform at Wells Fargo... Cliffs Natural (CLF) downgraded to Neutral from Overweight at JPMorgan... Dana Holding (DAN) downgraded to Sector Perform from Outperform at RBC Capital... Darden (DRI) downgraded to Neutral from Overweight at Piper Jaffray... Dover (DOV) downgraded to Neutral at RW Baird... DryShips (DRYS) downgraded to Underperform from Outperform at Imperial Capital... Infineon (IFNNY) downgraded to Neutral from Overweight at JPMorgan... J.C. Penney (JCP) downgraded to Sell from Neutral at UBS... Johnson Controls (JCI) downgraded to Outperform from Top Pick at RBC Capital... Juniper (JNPR) downgraded to Hold from Buy at Argus... Kennametal (KMT) downgraded to Market Perform from Outperform at Wells Fargo... Masco (MAS) downgraded to Equal Weight from Overweight at Barclays... New Gold (NGD) downgraded to Neutral from Overweight at JPMorgan... ON Semiconductor (ONNN) downgraded to Sector Perform from Outperform at Pacific Crest... PBF Energy (PBF) downgraded to Underweight from Equal Weight at Barclays... Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Wells Fargo... STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Sector Perform at Pacific Crest... VOXX International (VOXX) downgraded to Market Perform from Outperform at Cowen.
10:06 EDTM, JCPJ.C. Penney rises after selecting Home Depot executive as next CEO
Subscribe for More Information
08:38 EDTJCPJ.C. Penney names Marvin Ellison CEO-Designee
The board of J. C. Penney (JCP) announced the appointment of Marvin Ellison, currently executive vice president of stores at Home Depot (HD), as president and CEO-Designee, effective November 1. Ellison will also join the board. He will then succeed Myron E. Ullman, III as CEO of JCPenney on August 1, 2015. At that time, Ullman will become executive chairman of the board for a period of one year.
06:15 EDTM, JCPJ.C. Penney downgraded to Sell from Neutral at UBS
UBS downgraded its rating on J.C. Penney (JCP) shares to Sell saying the company's 2017 EBITDA target of $1.2B is overly optimistic as it assumes years of market share gains against strong competitors like Macy's (M) and Kohl's (KSS). UBS halved its price target for Penney shares to $5 from $10. The retailer's stock closed Friday down 52c to $7.12.
October 10, 2014
10:01 EDTJCPOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
07:57 EDTJCPJ.C. Penney downgraded to Sell with $4 target at Maxim
Subscribe for More Information
07:10 EDTJCPJ.C. Penney downgraded to Sell from Hold at Maxim
Subscribe for More Information
1 | 2 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use