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March 27, 2014
06:02 EDTSYMC, JCPStocks with implied volatility below IV index mean; JCP SYMC
Stocks with implied volatility below IV index mean; J.C. Penney (JCP) 59, Symantec (SYMC) 29 according to iVolatility.
News For JCP;SYMC From The Last 14 Days
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November 24, 2015
10:29 EDTSYMCPalo Alto seen adding confidence on IT security demand
The shares of IT security company Palo Alto (PANW) are rising after the company reported stronger than expected results last night. In a note to investors today, JPMorgan wrote that the results "should help restore investor confidence" in demand for IT security systems. WHAT'S NEW: Palo Alto reported first quarter earnings per share of 35c, versus analysts' consensus estimate of 32c. The company's revenue came in at $297M, versus the consensus outlook of $284M. The IT security company provided roughly in-line Q2 EPS guidance, while its Q2 revenue guidance came in slightly above expectations. "Security remains a strategic consideration embedded in virtually every IT decision, (and) as a result, the demand environment remains very healthy, said Palo Alto CEO Mark McLaughlin. ANALYST REACTION: Palo Alto's results should boost investors' confidence in the IT security demand environment, wrote JPMorgan analyst Sterling Auty. Palo Alto's results were "healthy" and the company's customer growth trends continue to be strong, the analyst stated. Moreover, the company is selling more of its products to each customer, Auty reported. As investors shift to valuing the company on cash flow, moving away from their current revenue based valuation method, the stock should rise, according to Auty, who kept a $216 price target and Overweight rating on the name. Palo Alto reported strong results, showing that the company is continuing to gain share in the new, fast growing next generation firewall and advanced threat detection market, according to Stephens analyst Jonathan Ruykhaver. Strong demand, good new products, and a wider distribution network will enable the company to deliver significant share gains and strong growth, believes the analyst, who increased his price target on the stock to $200 from $190. Also very upbeat on Palo Alto was Pacific Crest analyst Rob Owens. The company's growth continued to be "torrid" last quarter and it will clearly be among the winners in the IT security sector, wrote Owens, who raised his price target on the shares to $210 from $190 and kept an Overweight rating on the name. WHAT'S NOTABLE: Other publicly traded companies in the IT security space include Barracuda (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). PRICE ACTION: In early trading, Palo Alto climbed 7% to $184.22.
06:20 EDTJCPRetailers hunt for new breaches after warning on malware, Reuters says
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November 17, 2015
11:35 EDTSYMCFinancing backing Carlyle's purchase of Symantec's Veritas pulled, Reuters says
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10:13 EDTJCPJ.C. Penney management to meet with Buckingham
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November 16, 2015
16:29 EDTJCPJ.C. Penney announces plans to retire $500M asset-based term loan
J. C. Penney Company announced that it has received $500M of incremental bank commitments to increase the size of the Revolving Line of Credit under its existing Senior Secured Asset-Based Credit Facility to $2.35B from $1.85B. In connection with upsizing the revolving credit facility, the Company also intends to prepay and retire the outstanding principal amount of its $500M Term Loan previously issued under the ABL, which is scheduled to mature in June 2019. The Company expects to close these transactions in December.The Company expects that retirement of the ABL Term Loan will reduce interest expense by approximately $20M annually, beginning in 2016. The $2.35B ABL revolving line of credit, which will also mature in June 2019, will remain available for seasonal working capital needs and general corporate purposes. Marvin Ellison, chief executive officer, said, "We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our goal of $1.2B in EBITDA by 2017."
11:35 EDTJCPDillard's sinks to 52-week low after joining chorus of 'disappointed' retailers
Shares of Dillard's (DDS), a retailer of fashion apparel, cosmetics and home furnishing, are falling to their worst level in a year after the company became the latest in its industry to report lower than expected third quarter results. WHAT'S NEW: This morning, Dillard's reported Q3 earnings per share of $1.19 and revenue of $1.435B, narrowly missing analysts' consensus estimates of $1.20 and $1.49B, respectively. Same-store sales for the quarter fell 4%. Total merchandise sales decreased 3% for the 13-week period ended October 31. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture the company explained. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program." WHAT'S NOTABLE: Gross margin from retail operations improved 11 basis points of sales for the 13 weeks ended October 31 compared to the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 31 declined 30 basis points of sales compared to the prior year third quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory increased 6% at October 31 compared to November 1, 2014. For FY15, the company expects capital expenditures of $150M. PRICE ACTION: In late morning trading, Dillard's fell $5.81, or 7.5%, to $71.79 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $68.05. Including today's pull back, the shares have lost about 36% over the past 12 months. OTHERS TO WATCH: Other apparel, cosmetics and home furnishing retailers include Macy's (M), Kohl's (KSS), JC Penny (JCP), Sears (SHLD) and Nordstrom (JWN).

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