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
Check below for free stories on JCP;PVH;CBL;M;MSO the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 30, 2014
07:37 EDTMMacy's volatility elevated into Q2 and outlook
Subscribe for More Information
July 29, 2014
16:06 EDTCBLCBL & Associates backs FY14 adjusted FFO view $2.22-$2.26, consensus $2.21
CBL is assuming same-center NOI growth of 1.0-2.0% in 2014.
16:05 EDTCBLCBL & Associates reports Q2 FFO 55c, consensus 53c
Reports Q2 revenue $256.9M, consensus $250.56M. Same-store sales per square foot increased 1.1% for reporting stabilized mall tenants 10,000-square-feet or less during Q2 compared with the prior-year period.
07:35 EDTMSOMartha Stewart reports Q2 EPS 3c, consensus 2c
Reports Q2 revenue $37.6M, consensus $38.52M.
July 28, 2014
08:01 EDTMMacy's FY14 SSS guidance likely at risk, says Deutsche Bank
Subscribe for More Information
July 23, 2014
09:02 EDTMMacy's reports new initiates in multi-year program to enhance sustainability
Subscribe for More Information
July 18, 2014
18:12 EDTMVisa, MasterCard denied bid to dismiss opt-out swipe fee suits, Bloomberg says
Merchants that opted out of the swipe-fee settlement brought their own suits, which Visa (V) and MasterCard (MA) were not approved to dismiss, Bloomberg reports. Merchants such as Target (TGT) and Macy’s (M) pursued their cases after dropping out of an earlier settlement over swipe fees, Bloomberg added. Reference Link
10:40 EDTJCPJ.C. Penney call active on renewed takeover chatter
Subscribe for More Information
10:28 EDTJCPRumor: J.C. Penney moves up on renewed takeover chatter

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