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Stock Market & Financial Investment News

News Breaks
April 11, 2014
14:26 EDTJCP, CBL, SHLDCBL & Associates expects more J.C. Penney closures
CBL & Associates Properties (CBL), a real estate investment trust, or REIT, that operates regional shopping malls and other properties, held a business outlook call earlier today, during which it commented on its portfolio, including J.C. Penney (JCP) and Sears (SHLD) locations in its malls. WHAT'S NOTABLE: During its update, CBL said J.C. Penney and Sears occupy "prime locations" in its malls, representing both an exposure but "an even greater opportunity." The redevelopment potential of these locations may allow CBL to increase the spots' productivity and bring new uses, according to the firm. J.C. Penney has renewed all its remaining 2014 lease maturities, CBL noted, but added 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," the REIT stated. Commenting on its own business, CBL announced that it executed a contract on its Lakeshore Mall yesterday and anticipates closing on that transaction in May. CBL added that it currently has three more malls in the market that are listed through brokers, on which it has received "promising interest," and that it is having "off market discussions" on an additional seven malls. PRICE ACTION: In afternoon trading, shares of J.C. Penney are down over 9.5% to $7.70. Shares of CBL & Associates are up 0.5% to $18.03.
News For JCP;SHLD;CBL From The Last 14 Days
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July 29, 2015
16:56 EDTCBLCBL & Associates announces $200M share repurchase program
CBL & Associates announced that its board has authorized a share repurchase program for the company to buy up to $200M of its common stock. Purchases may be made through the program through August 31, 2016.
16:23 EDTCBLCBL & Associates raises 2015 FFO outlook to $2.25-$2.32, consensus $2.29
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16:22 EDTCBLCBL & Associates reports Q2 FFO 54c, consensus 54c
Reports Q2 revenue $253.8M, consensus $238.66M.
July 22, 2015
10:01 EDTJCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AMC Entertainment (AMC) upgraded to Buy at MKM Partners... Agnico Eagle (AEM) upgraded to Buy from Hold at HSBC... Allegiant Travel (ALGT) upgraded to Outperform from Market Perform at Raymond James... Amazon.com (AMZN) upgraded on positive outlook at JMP Securities... Bank of Ireland (IRE) upgraded to Buy from Neutral at Nomura... Canadian Pacific (CP) upgraded to Buy at Canaccord... Carrizo Oil & Gas (CRZO) upgraded to Outperform from Neutral at Credit Suisse... Concho Resources (CXO) upgraded to Outperform from Neutral at Credit Suisse... Crown Castle (CCI) upgraded to Buy from Neutral at Citi... Exxon Mobil (XOM) upgraded to Conviction Buy from Buy at Goldman... Fidelity & Guaranty Life (FGL) upgraded to Outperform from Neutral at Macquarie... First Interstate (FIBK) upgraded to Buy from Hold at Sandler O'Neill... Hess Corp. (HES) upgraded to Outperform from Neutral at Credit Suisse... Intuitive Surgical (ISRG) upgraded to Buy at Canaccord... J.C. Penney (JCP) upgraded to Buy from Neutral at Buckingham... Murphy Oil (MUR) upgraded to Neutral from Underperform at Credit Suisse... Noble Energy (NBL) upgraded to Outperform at Credit Suisse... Packaging Corp. (PKG) upgraded to Outperform from Market Perform at BMO Capital... Prologis (PLD) upgraded to Outperform from Neutral at Baird... Signature Bank (SBNY) upgraded to Strong Buy from Outperform at Raymond James... Sonic Automotive (SAH) upgraded to Buy from Neutral at BofA/Merrill... Tate & Lyle (TATYY) upgraded to Neutral from Sell at Goldman... Technip (TKPPY) upgraded to Neutral from Sell at Goldman... Union Bankshares (UBSH) upgraded to Buy from Neutral at Compass Point... Yamana Gold (AUY) upgraded to Buy from Hold at HSBC... Yara (YARIY) upgraded to Neutral from Underweight at JPMorgan.
08:38 EDTJCP, SHLDNRF cuts 2015 retail sales growth forecast to 3.5% from 4.1%
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08:09 EDTJCPJ.C. Penney upgraded to Buy from Neutral at Buckingham
Buckingham upgraded J.C. Penney to Buy and increased its price target to $12 from $9. The firm believes 2H comps could accelerate as initiatives take hold and has increased confidence it the company's ability to hit its 2017 EBITDA target of $1.2B. Buckingham believes FY15 sales comp guidance of 4%-5% is achievable and sees continued gross margin improvement and reduced SG&A levels.

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