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Stock Market & Financial Investment News

News Breaks
February 27, 2013
18:37 EDTJCPJ.C. Penney CEO: We exit the year positioned to succeed in 2013
On J.C. Penney's (JCP) Q4 earnings conference call, CEO Ron Johnson said, "We began this year clean and ready to chase the items that are selling. It is incredibly comforting to me to be relieved of the massive inventory overhang with which we began last year. Based on these accomplishments, we exit the year positioned to succeed in 2013, and this is the year the new JCP will take form." Johnson admitted to making "big mistakes," but noted that the company has brought back coupons for rewards members and will offer sales each and every week moving forward. Despite flat year-over-year traffic on Presidents day, management said it was happy with holiday store traffic. However, they indicated that no sales guidance would be provided. They noted that merchandise inventory was down 20% or $575M from last year, expenses were reduced by $671M, and they were on track to achieve over $900M in savings. They expect the company's ability to return to growth will be much greater when the transformation of Joe Fresh and Home is completed.
News For JCP From The Last 14 Days
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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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