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Stock Market & Financial Investment News

News Breaks
February 4, 2013
17:22 EDTJCPJ.C. Penney says notice of default from bondholders is invalid, without merit
J. C. Penney Company announced that it received a letter dated January 29, 2013 from Brown Rudnick LLP claiming to represent holders of more than 50% of the company's 7.4% debentures due 2037. The letter purports to be a notice of default under the indenture for these debentures dated April 1, 1994 between J. C. Penney and U. S. Bank National Association as trustee. The company strongly believes the notice of default is invalid and utterly without merit. The company today filed an action for injunctive and declaratory relief in support of its position in the Court of Chancery of the State of Delaware. The action seeks an order enjoining the trustee from declaring an event of default as well as an order declaring that the company is not in default of the Indenture governing the debentures. Ken Hannah, CFO, said, "We believe this notice of default is invalid, completely without merit and is intended to create self-interested trading opportunities in the market, and we will therefore vigorously defend the interests of jcpenney and all of our constituencies in all appropriate forums."
News For JCP From The Last 14 Days
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July 7, 2015
09:42 EDTJCPJ.C. Penney Q2 revenue forecast raised at ITG Research
ITG Research raised J.C. Penney's Q2 revenue forecast to $2.953B from $2.897B, above consensus of $2.862B, based on trends through 1H 2015. The firm's same store sales forecast is +5%-+7% year-over-year, versus consensus of +4%.
June 30, 2015
15:20 EDTJCPMoody's raises J.C. Penney liquidity rating to SGL-1 from SGL-2
Moody's Investors Service revised J.C. Penney's rating outlook to positive from stable. Moody's also affirmed the company's Caa1 Corporate Family Rating, and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-2. "The rating outlook revision to positive from stable reflects Moody's view that JC Penney's operating performance has shown signs of improvement as a result of better merchandising, cost controls, and integration of its online business" said Moody's Vice President Scott Tuhy. He added, "we have seen positive momentum building for the company to achieve $700M to $800M of adjusted EBITDA, a level in which earnings would fully cover cash flow and interest". The upgrade in the Speculative Grade Liquidity rating primarily reflects the company's improved operating performance as we expect free cash flow to be near break-even levels and the company's meaningful cash balances are sufficient to cover expected seasonal working capital needs.
June 24, 2015
10:26 EDTJCPStocks with call strike movement; TWTR JCP
Twitter (TWTR) December 40 call option implied volatility increased 1% to 44, J.C. Penney (JCP) November 20 call option implied volatility decreased 5% to 42 according to IVolatility.

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